IBOC technology developer iBiquity Digital has more money to reinvest in R&D and work towards mass adoption of HD Radio technology now that it has raised an additional $42 million from its investors.
According to a Securities and Exchange Form D filed earlier this week, iBiquity raised $42,477,641 through securities sales, receiving half in cash and the other half in existing shares of stock in an exchange offer. Radio groups who ponied in more money include CBS, Entercom, Radio One and Clear Channel. Other long-term investors include Grotech Ventures, FirstMark Capital, New Venture Partners and Union Square Ventures.
IBiquity last raised $14,844,998 in March of 2008, according to SEC records.
The Baltimore Business Journal estimates iBiquity has raised “at least $172 million” over the past 10 years.