iBiquity Digital Receives Funding From Intel Capital23 November 2005
iBiquity Digital Corporation, the sole developer of digital HD Radio(TM) technology, today announced that Intel Capital, Intel's strategic investment program, has invested in the company. Financial terms were not disclosed. "Intel Capital's investment further reinforces today's significant HD Radio momentum," said Robert Struble, President and CEO of iBiquity Digital Corporation. "We look forward to working with Intel Capital to accelerate the commercialization of HD Radio particularly in the area of portable HD Radio devices. Future HD Radio products will include not only millions of traditional radio products but new portable digital media devices such as mobile phones and digital media players." "This investment signals Intel Capital's support for HD Radio," said Sriram Viswanathan, Managing Director for Intel Capital's Mobility investments. "We view HD Radio as an exciting new addition to the digital media landscape and look forward to evaluating a host of exciting opportunities to enable affordable, portable and low-power digital media devices that include HD Radio." HD Radio technology transmits digital audio and data alongside existing AM and FM analog signals, allowing listeners with HD Radio-compatible receivers to enjoy CD-quality sound, while virtually eliminating the static and hiss typically associated with analog radio. Beyond delivering superior sound, the technology provides a platform for advanced new services including: scrolling text on receiver display screens; delivery of real-time traffic updates to vehicles; and multicasting -- a feature that allows FM stations to broadcast up to eight digital channels of programming (in addition to the existing analog signal) over a single frequency. Over 500 stations are on the air broadcasting with HD Radio technology, with over 40 offering additional digital multicast channels. About Intel Capital Intel Capital, Intel's venture investment program, focuses on making minority equity investments to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. Intel Capital has invested more than US$4 billion in approximately 1,000 companies in more than 30 countries since 1991. Since its inception, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Intel Capital employs investment managers in about 25 countries worldwide. Last year alone, Intel Capital invested more than US$130 million in about 110 deals with approximately 40 percent of its investments made outside the United States. For more information, visit http://www.intel.com/capital. About iBiquity Digital iBiquity Digital Corporation is the sole developer and licenser of HD Radio technology in the U.S. HD Radio is transforming today's AM and FM radio stations to digital, enabling radically upgraded sound, crystal-clear reception, multicasting and advanced data services such as real-time traffic updates. iBiquity Digital's investors include 15 of the nation's top radio broadcasters, including ABC, Clear Channel and Viacom; leading financial institutions, such as Grotech Capital Group, J.P. Morgan Partners, New Venture Partners, Pequot Capital and J&W Seligman; and strategic partners Ford Motor Company, Harris, Texas Instruments and Visteon. Named one of Deloitte's Fast 500 Companies, iBiquity Digital is a privately held company with operations in Columbia, MD, Detroit, MI, Belmont, CA and Warren, NJ. For more information please visit: http://www.ibiquity.com.
Source: PR Newswire
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