FARMINGTON HILLS, Mich. – Beringea, Michigan’s largest venture capital firm has invested in Ferndale, Mich.-based Livio Radio, a leading developer of Internet radio devices and smartphone applications. The investment, made through Beringea’s InvestMichigan! Growth Capital Fund, will be used to fund Livio’s launch of new products, sales and marketing efforts, and other business endeavors. The terms of the deal were not disclosed.
“We are excited to partner with Beringea, a firm that truly understands the opportunities and challenges facing growing Michigan-based companies,” said Jake Sigal, founder and CEO of Livio Radio. “These funds will allow us to further expand our product offerings and maintain our leadership position in the digital audio market.”
Sigal, a 28-year-old entrepreneur and the inventor of the original USB turntable, founded Livio Radio in 2008, specializing in the development of digital audio products that are not overburdened by complicated menus and features. The company’s product offerings include the Livio Radio which allows users to listen to NPR® and Pandora® Internet radio programming in the home, as well as 16,000 additional stations from around the world. Livio has also launched an iPhone application, the Livio Car Internet Radio, enabling users to access Internet radio stations in the vehicle.
“The Livio Radio story is inspirational to young entrepreneurs in the state, illustrating that creative and innovative businesses leveraging the ‘new economy’ can be founded and grown in Michigan,” said David Ruby of Beringea.
According to Arbitron and Edison Research, approximately 69 million Americans listen to online radio programs every month. By 2015, the Internet radio market is expected to grow to include more than 100 million listeners.
“Livio Radio understands the transformation taking place in the way music is distributed,” said Ruby. “Internet radio will emerge as the preferred medium of broadcasted audio in the United States and the company’s products are at the forefront of this shift, providing hardware and software applications that are affordable and extremely user-friendly.”
Beringea is the largest venture capital firm in Michigan, with more than 70 portfolio companies in the U.S. and U.K. Headquartered in Farmington Hills, Mich., the firm has additional offices in London and Shanghai. Beringea has more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Among its many initiatives, Beringea is co-manager of the $185 million InvestMichigan! Growth Capital Fund, which provides venture and expansion-stage capital to emerging businesses headquartered or with substantial operations in the state of Michigan. For more information, visit www.beringea.com or www.investmichiganfund.com
About Livio Radio
Founded in 2008, Livio Radio aims to make Internet audio streams accessible to more people, in more places. Dedicated to designing products that work fast without complicated menus, the company’s line of specialty radios, including the NPR Radio by Livio and the Livio Radio featuring Pandora, let users enjoy the benefits of online programming – music, sports, news and talk from around the world – anywhere an Internet connection is available. The Livio Car Internet Radio App for iPhone uses a high-speed data connection and a streamlined interface to offer the thousands of free online programming choices, along with traditional AM/FM radio broadcasts, for users on the go. Visit www.livioradio.com for more information.