Mountain View, CA (PRWEB) December 15, 2004
AudioFeast, first to market with portable Internet radio service for MP3 players, mobile devices and PCs, today announced it has received $10 million in Series A funding. Venture capital firm Mayfield led the investment round, and was joined by Worldview Technology Partners and previous company investors.
As part of the financing, Mayfield managing director, Yogen Dalal and Worldview Technology Partners general partner, Irwin Gross will join AudioFeastÂs board of directors.
ÂThe venture community is looking for exciting consumer-related investments focused on the digital lifestyle,Â said Yogen Dalal of Mayfield. ÂAudioFeast has a unique value proposition and has shown considerable traction in the digital music space they have defined. It is for this reason Mayfield is committed to pushing forward AudioFeastÂs innovation of reigniting radio and is excited about the prospects the company will bring to the ever-changing entertainment industry.Â
Launched in September 2004, AudioFeast presents the most popular Internet radio stations, nationally syndicated shows and an assortment of independent media outlets and programs from around the globe in a commercial-free radio format on selective MP3 players. With a rapidly growing list of over 400 music, news, sports and entertainment channels from more than 50 content partners, the Audio Feast service is cost-effective way for consumers to gain easy access to a vast library of music without incurring the effort and expense of having to find, purchase and download each and every song or radio program.
ÂIn deciding to invest in AudioFeast, we were especially impressed with the companyÂs strategy of being the premier portable Internet radio provider,Â said Irwin Gross of Worldview Technology Partners. ÂThere is a tremendous potential for AudioFeastÂs service to grow with emerging MP3 market, and Worldview is committed to being part of this growing personalized entertainment space.Â
AudioFeast said the additional funds will be used to further advance its product and business development opportunities and enhance its sales efforts. AudioFeast is currently compatible with iRiver, Rio, iRock, Creative Labs, Dell and RCA MP3 players and is available via several subscription plans beginning at $2.99. AudioFeast also offers a free service with eight, 60-minute channels of popular music, news sports and entertainment and other programs.
ÂHaving Mayfield and Worldview participate in our continued growth and success further validates the vast potential in the music services market,Â said Tom Carhart, AudioFeast CEO and co-founder. ÂAs the evolution of MP3 players and mobile devices continues to develop, AudioFeast is poised to revolutionize the portable Internet radio market, by offering consumers easy to use media and entertainment services at affordable rates.Â
AudioFeast is first to market with a portable Internet radio service for MP3 players, mobile devices and PCs. The service features more than 400 channels of Âall you can listen toÂ music news, sports, and entertainment radio programming. Built on its patent pending Virtual Broadcast Network, AudioFeast delivers popular radio programs to a variety of portable devices, and over networks, with far greater ease-of-use, reliability and cost efficiency than traditional distribution methods. Founded in 2002, the company is privately funded. For more information call (650) 940-9418 or visit http://www.audiofeast.com.
Mayfield provides Venture Capital with Impact and creates next-generation technology companies in communications and enterprise software. Since Mayfield's founding in 1969, the firm has invested in more than 456 companies and has taken approximately 102 companies public. Mayfield's portfolio of companies includes those that represent the foundation of today's technology economy, as well as companies striving to set the technology paradigms of the future. For more information, please visit http://www.mayfield.com.
About Worldview Technology Partners
Worldview Technology Partners is a leading venture capital firm focused on investing in and building leading U.S. technology companies. Its comprehensive, industry-leading business development services help portfolio companies succeed in U.S. and international markets. With a 12-year track record of successful technology investing and more than $1.3 billion under management, the Worldview team has both the experience and the resources to invest in a broad range of information technology markets, including communications, semiconductors, digital media, enterprise infrastructure and software. For more information, please visit http://www.worldview.com.
Krause Taylor Associates for AudioFeast