Multinational telecoms company Motorola has led an undisclosed investment in TuneWiki, a provider of social media music players and related apps, via its corporate investment arm. New investors Intellect Capital Ventures, a venture fund initiative of Nordic telecoms operator TeliaSonera, HillsVen Capital and Novel TMT joined Motorola Ventures. TuneWiki’s previous venture capital investor, Benchmark Israel, also participated in the round.
TuneWiki has the largest legally licensed lyrics database in the world. The company combines subtitled lyrics with music and music videos, lyrics translations into over 45 languages, real-time mapping, geographical charting and social networking.
“Music is rapidly emerging as a key feature for smartphones, and TuneWiki is changing the experience of listening to music from a solitary experience to a social one,” said Reese Schroeder, managing director of Motorola Ventures. “We believe that TuneWiki has developed an innovative interactive social media player that can dramatically change the way people will listen to and interact with music.”
Motorola Ventures is the strategic equity investment arm of Motorola and invests at all stages in developing companies.
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