TiVo raises $25 million

Susan Rush
From the October 8 edition of CED Broadband Direct

Digital-recorder-maker TiVo Inc. has signed an agreement to sell investors $25 million in common stock.

Investors Crosslink Capital and New Enterprise Associates have agreed to purchase 6.96 million TiVo shares at $3.59 a share. TiVo plans to issue warrants to purchase 2.6 million shares at an exercise price of $5.

TiVo plans to use the funds to boost its capital resources.

In the second quarter, TiVo's revenue reached $23.9 million, up nearly six fold from the $4.1 million recorded a year ago. The company narrowed its net loss to $3 million, or 6 cents a share, from a net loss of $34.5 million, or 82 cents a share, in the year earlier period.