Facebook and Google Investors Set Their Sights on Livio Radio

“Additional growth capital” is just the beginning.

Livio Radio, which recently received an investment from

, has signed an investment agreement with Western Technology Investment, a venture debt firm that has previously thrown its support behind Facebook and Google

. Jake Sigal, the founder and CEO of Livio Radio, 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 Car Internet Radio 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.” “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,” said Maurice Werdegar, a Partner at Western Technology Investment. “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, but Livio Radio said that it plans to add more engineering and marketing jobs “with projected sales growth from car Internet radio series.” In addition to today's investment, Livio Radio (a second-phase startup) is 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,” said Beringea Managing Director, Jeff Bocan. “Livio Radio is one the latest on an 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.” Livio Radio plans to release its Bluetooth Internet Radio Car Kit later this month.