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By Richard Shim
Posted on ZDNet News: Jul 12, 2004 4:44:00 PM

Startup Akimbo said Monday it has raised $12 million in series B funding for its video on demand service, which it said will be available this summer. The lead investor was venture capital firm Kleiner Perkins Caufield & Byers. Others included Draper Fisher Jurvetson, Sprout Group and Zone Ventures. The company also said William R. Hearst III, a partner at Kleiner, joined the company as its chairman.

Akimbo's service allows subscribers to download video content from the Internet using its player. The player will cost $229.99 and the monthly service fee will be $9.99.

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