startups, deals, Multimedia
MOD Systems Inks $6M Series B, Surviving Controversy Surrounding Indictment of Co-Founder Mark Phillips
Thea Chard 9/3/10
Seattle-based MOD Systems, a developer of digital-media delivery systems, has had a rocky couple of years, but now it has found a new lifeline in the form of a $6 million investment.
The company, which develops technologies that allow consumers to purchase digital movies, TV shows, and music, and load them onto SD cards portably through touch-screen kiosks, raised an impressive $35 million Series A in September 2008, led by Toshiba, NCR, Deluxe Entertainment Services, and private investors. But the company drew less glowing attention after its co-founder and then CEO Mark E. Phillips was sued by an investor for fraud, embezzlement, misrepresentation, and breach of fiduciary duty in February 2009.
However, despite the public and drawn-out case—resulting in... Read more »















