FERNDALE (WWJ) — The Ferndale developer of Internet radio products and services Livio Radio Tuesday announced an investment agreement with Western Technology Investment, a venture debt firm with a portfolio including names like Google and Facebook.
Livio Radio founder and CEO Jake Sigal said the deal will provide additional growth capital and will support the continued development of the company’s line-up of car Internet radio products, including the Livio Car Internet Radio app for iPhone and Android, The Bluetooth Internet Radio Car Kit and Livio Connect API.
“It’s an honor to work with seasoned investors who’ve worked with companies like Facebook and Google in their early days,” said Sigal. “We have a superstar board and team of investors committed to making sure Livio Radio wins at car Internet radio. Working with Western Technology Investment is great for everyone involved.”
Maurice Werdegar, a Partner at Western Technology Investment, added: “Seeing Jake and Livio Radio’s booth at the 2010 Consumer Electronics Show reminded WTI of the passion we’ve seen in other great companies we’ve invested in the past. We are committed to helping them succeed with their pursuit of getting Internet radio applications into vehicles.”
Terms of the deal were not disclosed. Livio plans to add more engineering and marketing jobs with projected sales growth from car Internet radio series.
Livio Radio is a second-phase start-up also supported with venture capital backing by Michigan’s largest venture capital firm, Beringea, LLC.
“The addition of a prominent Silicon Valley investor like WTI helps validate Livio’s unique technology and strategic positioning to deliver an outstanding Internet/app radio customer experience into the car,” said Beringea managing director Jeff bocan. “Livio Radio is one of the latest on a historic list of companies from Detroit to bring the world transformative innovations for the automobile, and we are pleased to have great partners like WTI get on board for what should be an exciting ride.”
Livio Radio soon plans to release a Bluetooth Car Internet Radio Kit, offering consumers more music with less work and no monthly fees.
Founded in 2008, Livio started manufacturing Internet table radios that used Wi-Fi connectivity and a simple user interface to bring thousands of audio streams to a listener without the need of a computer. The company has ongoing relationships for those radios with Pandora, Grooveshark and NPR. More recently, the company has begun manufacturing Internet radio kits for the car that combine smartphone Internet access and already installed car audio systems.
More at www.livioradio.com.