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Livio Radio Secures Additional Funding from Angel Street Capital Nelv investment accelerates car Internet radio technologies in Detroit August 1, 2011, Ferndale, MI - Livio Radio, manufacturer radio products and services, today announced partner.
and developer of car Internet Angel Street Capital as a new investment
The investment from Angel Street Capital will assist Livio Radio in expanding its suite of hardware, middleware and software solutions that enable Smartphone-assisted car Internet radio services for any car. "This new funding, alongside Livio Radio's other awesome venture capital partners like Beringea and Western Technology Investments, expands our financial security we need to compete and succeed with our car Internet radio products," said Jake Sigal, Livio Radio founder and CEO. "We know that CD players and even MP3's are on their way out to make way for car Internet radio and we are going to be the ones to make sure it's available to the masses with our products and software like the Livio Connect API," Sigal said. Livio Connect API is a middleware technology that allows cars to control mobile phone applications allowing for safer driving with more music, info and entertainment options in car stereos and accessories with less work for consumers to access it. Recent Livio products from Dice Electronics and the Livio Bluetooth Internet Radio Car Kit both include Livio Connect API technology. The founders of Angel Street Capital, Robert Maccini and Joseph Gallagher, are pioneers in the Internet radio industry having owned and operated Net Radio Sales (Internet radio rep firm) and Ando Media, LLC (audience measurement and ad insertion for Internet radio stations) which they successfully divested. Angel Street Capital has focused on mobile and Internet radio's mobile opportunity through its investment in AirKast, Inc. (mobile applications) and Mofuse, Inc. (mobile web). "Smartphones have now become practically ubiquitous. The collection of wires, adapters and Bluetooth devices all deal with what is termed the auto after market," said Robert Maccini, Angel Street Capital managing director. "The after-market solutions will continue to be utilized for several years given the millions of vehicles already on the road, and we believe in the products Livio Radio is developing for this revolution," said Maccini. Terms and amount of the investment
are not disclosed.
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