SmartVideo Technologies, a developer of mobile TV services for cellular phones, personal data assistants and other mobile devices, has raised more than $5 million through a sale of stock.

SmartVideo (OTCBB: SMVD) said it sold 2.4 million shares at $2.25 a share to institutional investors and some individual investors. After expenses, the company said it would net “in excess of $5 million”.

The proceeds will be used to support the rollout of its mobile TV platform, SmartVideo said.

The shares have an exercise price of $3.50 each.