“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.”