by Mark Hefflinger
Columbia, Md. - iBiquity Digital, the developer of HD Radio technology, has raised $42.5 million from a host of previous investors, the company reported in a filing with the Securities and Exchange Commission (SEC).Whew. $42.5mil to use for...what? Note that some of the investors include Radio One and Clear Channel, neither of which can afford to be spreading precious cash around on iffy projects.
Investors included Grotech Ventures, CBS Radio, Entercom Communications, Radio One, Clear Channel Radio, FirstMark Capital, New Venture Partners and Union Square Ventures.
Maryland-based iBiquity now has raised more than $172 million since its inception.
The company in recent months has been heavily marketing its technology, which lets those with special radios receive digital radio stations not available on regular AM or FM signals
I know, I know...I'm full of soup on this. But I gotta tell you True Believers that this HDRadio deal is about as futuristic and full of potential as a crystal radio set was in the 1950's. Which is to say, not at all. Why would you think that your bosses, who can't even make their standard-band stations profitable, can get a rise out of the listener with a niche format on a band that requires special gear to receive?
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