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32BitsOnline: PenguinRadio Gets Financing From New District Incubator

Jun 27, 2000, 14:03 (0 Talkback[s])
(Other stories by Michael P Bruno)

"Internet audio services company PenguinRadio Inc. and international Web incubator Internet Partnership Group today said they inked an agreement on a "substantial" equity investment along with a "wide-ranging" deal to develop Internet radio and other audio services."

"Craig Sharon, managing director of Internet Partnership Group's newly opened District office, and PenguinRadio co-founder and chief executive Andrew Leyden both told Washtech.com this morning that terms of the deal were not being disclosed. They said the deal, one of the first for the Group's new local office, also involves the "usual" services provided by an incubator."

"Internet Partnership Group, based in London and New York City, is an international Internet incubator that provides seed financing and premium services to Internet startup and spin-off companies. The incubator focuses on developing emerging technologies, services and assets that have the potential of transforming markets and industries on a global basis, often in partnership with established, successful Old Economy companies."

"PenguinRadio, headquartered in Washington, D.C., is developing a stand-alone Linux-based Internet appliance for radio stations that broadcast on the Internet to be delivered directly to a stereo, without the aid of a personal computer. The company said it will launch an Internet car radio capable of receiving streaming audio feeds via the forthcoming Ellipso satellite Internet service."

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