“…PenguinRadio seems to be weathering the recent market
fluctuations better than most Linux-related startups. Last week the
company announced what it called “an infusion of venture capital”
from Internet Partnership Group, a London-based tech
incubator.”
“Although the company has refused to disclose the amount of
money invested by the Internet Partnership Group, Leyden says it
will be enough to help his Washington, D.C.-based company build out
both its office staff and device design staff. More importantly,
Leyden says, it offers solid proof that investors will buy into a
good Internet story.”
“This is particularly significant as competition in the Internet
radio sector heats up. Last week 3Com (COMS) announced plans to
acquire Internet radio company Kerbango for $80 million and Nokia
(NOK) signed a partnership with streaming audio software company
RealNetworks (RNWK) to install Real software on its wireless
phones.”