Livio Radio gets funding from Silicon Valley firm

Ferndale-based Myine Electronics inc., which provides car Internet products and services under the brand name of Livio Radio, announced Tuesday that it has received funding from Western Technology Investment, a prominent Silicon Valley investment firm based in San Jose.

The amount was not disclosed. Western Technology provides debt for early-stage technology companies and has invested since its founding in 1980 in such companies as Facebook, Google, Juniper Networks and Infoseek.

In June 2010, Myine got an undisclosed equity investment from Farmington Hills-based Beringea LLC, out of the $185 million InvestMichigan Growth Capital Fund it co-manages with Credit Suisse.

Livio Radio sells vehicle Internet apps for iPhone and Android phones and a Bluetooth Internet kit for cars. It also sells devices that allow drivers to access Internet radio accounts from their cars.

Myine founder and CEO Jake Sigal was a member of the 2010 class of Crain’s 20 in their 20s.

Leave a comment

Leave a Reply