Internet Radio Service Raises $3.375 Million in Strategic Investment
Echo™, Inc., Internet radio’s group streaming leader has closed Bridge financing to the tune of $1.6 million, bringing its investment total to date to $3.375 million, the streaming media company announced today. The Bridge Round comes on the heels of a $1.75 million, Series ‘A’ Round from Silicon Valley investors including Fundamental Capital principal Raymie Stata, Deploy Solutions Founder and CEO Nicole Stata, GovWorks.Com Founder and CEO Kaleil Isaza and The Venture Law Group.
[Echo Network's executive management team is pictured here.]
The Bridge Round was culled from an all-star team of strategic investors that includes eBay Co-Founder Jeff Skoll, owner of a prestigious international banking empire Edmond Safra, Odyssey Partners Founder J.R. Fennel, Stata Venture Partner Fund, J.P. Morgan Technology M&A head Luis Velasco, Wish.com Founder and CEO Michael Mo and JP Morgan Media M&A head Jay Eastman.
“It’s entirely possible that Napster and file-swapping will ultimately have very little impact on how we get music on the Net,” said Dan Hart, Founder and CEO of Echo, whose core technologies let consumers share and shape the same live music stream over the Net. “The Bridge money will allow us to refine the Echo service, bring on advertisers, build business alliances with technology and traditional media partners and get market share,” continued Hart.
Echo.com, which is currently in Beta Release, takes a novel approach to the business of providing music online to listeners by selecting songs for streaming based on the listening groups' preferences. Members grade songs played at www.Echo.com through a dynamic ratings module that helps Echo SongCastTM selections most likely to appeal to the group. The Net-based media concern also lets groups chat and message against their own streaming music background, and plans to implement a new feature to let users record sound bites to be fed live into their stream. Echo competes with LaunchCast, sonicnet.com, Napster, MP3.com, Spinner, Live 365, Liquid Audio, Listen.com and Emusic for audience share on the Net.
Echo, Inc., in Burlingame, California, and on the web at www.Echo.com is where electronic communities can create their own radio stations on the Internet. Unprecedented in Internet radio, Echo, which went Beta in June, lets groups of listeners share the same digital audio performance, or GroupCast™ which includes chat and messaging. At the same time, the service also considers feedback from the listening group, and selects songs to SongCast™ accordingly. These proprietary, patent-pending technologies leverage the benefits of streaming to give listeners the immediacy of radio, the impact of group dynamics and the intimacy of their personal music collection from any web-enabled PC or CE Device.
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Echo and the Echo logo are registered trademarks of Echo, Inc. All other names are trademarks and/or registered trademarks of their respective owners.