Ibiquity Closes $45 Million Equity Financing

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Ibiquity Closes $45 Million Equity Financing

Apr 30, 2002 12:00 PM

Columbia, MD and Warren, NJ - Apr 30, 2002 - Ibiquity Digital Corporation has closed its Series C Financing, indicating that it had raised $45 million. Susquehanna Radio joins 14 of the 20 largest U.S. radio broadcasters, strategic equipment and automobile manufacturers and leading financial institutions that have previously invested in Ibiquity. Most of Ibiquity''s existing investors contributed additional funds, with Grotech, JP Morgan Partners, New Venture Partners and Pequot Capital leading the round.

Ibiquity stated that the proceeds raised through this financing round will fully fund the company's operations through commercialization to profitability. Ibiquity noted that the completion of this funding round is indicative of its investor''s confidence in the company's IBOC technology and business prospects.