Livio Radio wins financial support from Western Technology Investment

Ferndale-based Livio Radio, manufacturer and developer of Internet radio products and services, has won financial support from Western Technology Investment, a leading venture debt firm and one known for its support of big-name portfolio clients, including Google and Facebook. Livio Radio founder and Chief Executive Officer 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,” Sigal said. “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 WTI, 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.”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. Typically, though, venture capital firms buy a minority stake in the company in which they invest. Livio Radio is a second-phase start-up also supported with venture capital backing by Michigan’s largest venture capital firm, Beringe LLC of Farmington Hills. “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,” Bocan said. Livio Radio is planning to release soon its Bluetooth Car Internet Radio Kit, offering consumers more music with less work and no monthly fees. Founded in 2008,  Livio Radio has  developed a list of successful  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 Founded in 1980, 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,  visit westerntech.comContact staff writer Joseph Szczesny at 248-745-4650 or .

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