Raditaz was also selected as one of our 2011 CT Tech Companies to Watch, click here for more information.
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has committed $150,000 in financing to Raditaz LLC of South Glastonbury, Conn., through its Pre-Seed Fund. Raditaz will use the financing to advance its product development and marketing activities. The company has secured required matching funds from an individual investor.
Raditaz has developed an Internet-based streaming music platform with unique features it believes will differentiate it from other Internet radio providers. The company’s streaming music platform, while currently on iPhones, iPads, iPods, Android phones and the Web, will be accessible across a variety of devices including computers, smartphones, tablets, Internet-enabled televisions, automobile dashboards, and audio equipment. It will also allow listeners to customize the music they listen to, create their own custom stations, rate songs, “like” songs and/or stations across social networking sites, and share stations or individual songs with friends via e-mail, Twitter and Facebook. Additionally, Raditaz’s location layer lets users see stations that are trending in geographic areas throughout the United States.
“Pandora gave us a great start by creating a service and a model that consumers have enjoyed, and that's really driven innovation in digital music,” said Tom Brophy, founder and chief executive officer of Raditaz. “The radio industry is transitioning to the Internet and mobile devices. That, along with the proliferation of smartphones, Internet-enabled vehicles, and other devices – and better connectivity – creates a very compelling opportunity for Raditaz.”
One unique feature offered by the Raditaz platform is the ability to tag a station with descriptive words and/or geographical data. Listeners are then able to explore music based on their personal interests and based on trending stations in geographic areas. This feature set has powerful implications not only for exposing listeners to new music discovery opportunities, but also for connecting local advertisers to a more highly-targeted set of consumers.
“We'll be able to deliver much more relevant advertising to people based on where they are and what their preferences are,” said Brophy. “Users can tag stations with what they’re doing while listening, giving us insights into their personal interests. That, tied with location information, makes for a nice proposition to marketers.”
“I am delighted that the Raditaz team is committed to growing its business here in South Glastonbury,” said State Senator Steve Cassano. “This infusion of early-stage funding will help the company reach out to more customers and partners – and ultimately help Raditaz create job opportunities as the company expands.”
State Representative Prasad Srinivasan added, “Innovators like Raditaz are helping to reinvent Connecticut and assure that we stay at the forefront of technology development and commerce. Connecticut has always prided itself on the strength of its workforce – and this is a prime example of how talent and entrepreneurship can combine to yield exciting new ventures.”
CI’s Pre-Seed Fund supports the formation of new Connecticut technology companies. The fund provides loans of up to $150,000 to Connecticut-based startup and early-stage technology companies. Funding may be used for a wide range of startup expenses such as accounting, legal, intellectual property development, technology and prototype development, business plan development, technology assessments, market analyses, market entry strategy development and hiring of advisors and employees. CI’s team also provides mentoring and will help coordinate access to resources.
“Raditaz is an innovator in the online music sector, building on current streaming music technologies and innovating to enhance the user experience,” said Charlie Moret, CI managing director, business development. “We are excited to support a company like Raditaz, that is at the intersection of streaming music and social networking.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Raditaz LLC
Raditaz is the first smart Internet radio platform for mobile phones and the Web, delivering music from the cloud to Android and iOS platforms. Raditaz allows users to tag stations, share stations and songs, and discover music with its mapping technology. With over 14 million songs, users can create their own custom stations or listen to professionally curated stations. For more information on Raditaz LLC, please visit www.raditaz.com.
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