RadioWave.com Secures $20.5 Million in Financing

Streaming audio software maker RadioWave.com (http://www.radiowave.com) announced that it secured $20.5 million in its first round of private financing.

Warburg, Pincus Equity Partners, L.P. led the investment round, with FBR Technology Venture Partners and Intel Capital also investing in the company.

RadioWave.com began life as a subsidiary of Motorola, Inc. which retains a major holding in the new entity. Just last week, RadioWave.com announced an investment from Susquehanna Radio Corp., a major privately-owned radio group.

The company also announced a non-exclusive agreement with record label EMI to produce branded, Internet-only, radio channels. Already, Blue Note Radio (http://www.bluenoteradio.com) was created by RadioWave.com and launched two weeks ago. Additional branded channels are currently under development.

In addition, Susquehanna (http://www.suspfz.com/radio.html) will use RadioWave.com's live broadcast advertising insertion technology so that one ad can be sold twice, once for each medium. RadioWave.com also provides Susquehanna with its own branded media players services for the group's 23 station sites.

"EMI and Susquehanna have firmly demonstrated their technical savvy and leadership in the area of new media. The opportunity to work with these pioneering companies positions RadioWave.com to be the leading provider and distributor of interactive entertainment," said Bill Pearson, CEO of RadioWave.com.