Report: iBiquity Raising More Capital
March 31, 2008 at 5:16 AM (PT)
IBIQUITY DIGITAL is in the process of raising a $15 million fourth round of venture capital, VENTUREBEAT has learned. Investors include GROTECH PARTNERS/TIMONIUM, MD.; J.P. MORGAN/NEW YORK; NEW VENTURE PARTNERS/MURRAY HILL, N.J.; and PEQUOT PRIVATE EQUITY FUND/WESTPORT, CT.
The company has had a long history in trying to bring high-definition digital sound to the free radio airwaves. It started as a joint venture, USA DIGITAL RADIO PARTNERS, in 1991 between CBS, GANNETT and WESTINGHOUSE. It won the support of 15 broadcasters in 1998 and in 2000, IBIQUITY was formed through a merger between USADR and LUCENT’s digital radio business.