DETROIT, Aug. 9, 2011 /PRNewswire/ -- Livio Radio, manufacturer and developer of car Internet radio products and services, today announced an investment agreement with Western Technology Investment (WTI), a leading venture debt firm and one known for its support of big-name portfolio clients including 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 exciting 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 (CES) 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."
The 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. 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," said Beringea Managing Director, Jeff Bocan.
Livio Radio plans to release their Bluetooth Car Internet Radio Kit, offering consumers more music with less work and no monthly fees.
About Livio Radio
Founded in 2008, Ferndale, Mich.-based Livio Radio has already developed a list of successful Internet radio products through ongoing relationships with Pandora, Grooveshark and NPR. The company remains committed to providing sleek and sophisticated radios and accessories for users who want quality without gimmicks, hassles, and unnecessary bells and whistles. More information is available at www.livioradio.com
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) is the world's leading venture debt firm, financing venture-backed companies in the technology, healthcare and clean tech industries. WTI's 13th fund builds upon the firm's successful history, which has included investments in Ablation Frontiers, Brocade, Cerent, Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek, InvenSense, IronPort, Juniper Networks, Postini, Youku, and many others. For more information, please visit www.westerntech.com
SOURCE Livio Radio