Motorola has made a strategic investment in next-generation social media music player and related application firm TuneWiki through its strategic investment unit Motorola Ventures.
Motorola announced that it acted as lead investor in TuneWiki and was…
Motorola has made a strategic investment in next-generation social media music player and related application firm TuneWiki through its strategic investment unit Motorola Ventures.
Motorola announced that it acted as lead investor in TuneWiki and was joined by new investors Intellect Capital Ventures, a venture fund initiative of Nordic telco TeliaSonera, managed by Intellect Partners, as well as HillsVen Capital and Novel. TuneWiki’s previous venture capital investor, Benchmark Israel, also participated in the round.
The funds raised will be used to expand and enhance TuneWiki’s product offerings for leading mobile platforms and the internet. Motorola adds that TuneWiki’s upcoming releases will take further advantage of platform capabilities and new features found in recently released smartphones, including stronger CPUs, always-connected capabilities, larger displays and high-resolution screens.
Motorola Ventures MD Reese Schroeder said, “We believe that TuneWiki has developed an innovative interactive social media player that can dramatically change the way people will listen to and interact with music.”
Last month, the Motorola unit made an investment in Scanbuy Inc, a mobile barcode solutions provider. Motorola again acted as lead investor and was joined by Masthead Venture Partners, Hudson Ventures and select private investors.
No financial details of either deal have been disclosed.
