SCHAUMBURG, Ill. and TEL AVIV, Israel, Feb. 8 /PRNewswire-FirstCall/ -- Motorola, Inc. (NYSE: MOT), through its strategic investment arm, Motorola Ventures, today announced a strategic investment in TuneWiki Ltd., the award-winning provider of next-generation social media music players and related applications. Motorola acted as lead investor and was joined by new investors Intellect Capital Ventures, a venture fund initiative of TeliaSonera, the leading Nordic Telecommunications operator, managed by Intellect Partners, as well as HillsVen Capital, LLC and Novel TMT. TuneWiki's previous venture capital investor, Benchmark Israel, also participated in the round.
TuneWiki will use the investment to expand and enhance its product offerings for leading mobile platforms and the Internet. The company's upcoming releases will take further advantage of platform capabilities and new features found in recently released smartphones, including stronger CPUs, always-connected capabilities, larger displays and high-resolution screens. TuneWiki will continue to focus on the use of song lyrics in new and exciting ways that connect music fans around the world with new products, including an upcoming mobile game.
"Music is rapidly emerging as a key feature for smartphones, and TuneWiki is changing the experience of listening to music from a solitary experience to a social one," said Reese Schroeder, managing director of Motorola Ventures. "We believe that TuneWiki has developed an innovative interactive social media player that can dramatically change the way people will listen to and interact with music."
"Teaming up with a global company like Motorola is very exciting for us," said Rani Cohen, CEO of TuneWiki. "We are passionate about connecting people through music, and having our applications running in many countries with different languages will allow our users to explore the world of music and better understand its meaning as part of a vibrant and engaged community."
About Motorola Ventures
Motorola Ventures is the global, strategic equity investment arm of Motorola. Its diversified portfolio focuses on "new-idea" companies and opportunities that complement Motorola's business strategy. Motorola Ventures invests at all stages in developing companies to accelerate access to new technologies, new markets and new talents. For more information, please visit www.motorola.com/ventures.
Motorola is known around the world for innovation in communications and focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to high-definition video and mobile devices, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola (NYSE: MOT) had sales of US $22 billion in 2009. For more information, please visit www.motorola.com.
TuneWiki is the internationally award-winning social media music player with the largest legally-licensed lyrics database in the world. TuneWiki is revolutionizing the mobile music experience by combining subtitled lyrics with music and music videos, lyrics translations into over 45 languages, real-time mapping, geographical charting and social networking. TuneWiki's proprietary technology combines lyrics with the music you play whether from your locally stored library or a streaming Internet source. It also allows the TuneWiki community to contribute to and update lyrics and translations. Founded in 2007, the company is headquartered in the British Virgin Islands and has offices in Los Angeles, California; Bellbrook, Ohio; and Tel Aviv, Israel. To learn more, please visit www.tunewiki.com.
SOURCE Motorola, Inc.