US-Israeli social-networking music start-up TuneWiki has raised $7 million in its second financing round, led by Motorola Ventures. Current investor Benchmark Capital and new investors TeliaSonera (SAX; HEX: TLSN) investment arm Intellect Capital Ventures, HillsVen Capital LLC and Novel TMT joined in the round.
TuneWiki will use the investment to expand and enhance its product offerings for leading mobile platforms and the Internet.
TuneWiki CEO Rani Cohen and president Amnon Sarig founded the company in 2007. The company developed a mobile application that links social networks to music players, enabling users to listen to music on their smartphones, while reading the lyrics on the screen. The application also enables users to see who else in the world is listening to the same song at that moment. The application can translate the lyrics between more than 40 languages.
TuneWiki's application is suitable for the iPhone, Android, Blackberry, and Nokia smartphones. In late 2008, the company won the $300,000 first prize in a Google Inc. (Nasdaq: GOOG) competition for Android applications.
According to IVC Online, TuneWiki has ten employees at its California premises.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2010
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