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Livio Radio Receives New Funds from Angel Street Capital

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New investment to accelerate “car Internet radio technologies in Detroit.”

Internet radio device manufacturer and service provider Livio Radio has announced that it has signed Angel Street Capital as a new investment partner.

Livio Radio, which develops a wide variety of products – including those focusing on Pandora (NYSE: P) and NPR – said that the investment will assist the company 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.”

Robert Maccini and Joseph Gallagher, the founders of Angel Street Capital, are no strangers to the Internet radio industry. Both men owned and operated Net Radio Sales (an Internet radio rep firm), as well as Ando Media, LLC (an audience measurement and ad insertion for Internet radio stations), which they divested successfully. Angel Street Capital has previously invested in AirKast, Inc. (mobile applications) and Mofuse, Inc. (mobile web), among others.

“Smartphones have now become practically ubiquitous,” said Maccini, who serves as one of the managing directors at Angel Street Capital. “The collection of wires, adapters and Bluetooth devices all deal with what is termed the auto after market. 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.”

Terms of the investment were not disclosed.

Follow me @LouisBedigian

Posted-In: AirKast Angel Street Capital Jake Sigal Joseph GallagherNews Entrepreneurship Success Stories Tech Best of Benzinga

 

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