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Video-on-demand startup Akimbo raises funds

Investors met the company's demand for cash ahead of the launch of its Net-based video service.

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.