RioPort Inc., a music application
service provider, Monday secured $31.5 million in
, Quantum Technology Ventures
and Mitsubishi Corp.
have joined RioPort’s first-round
investors, S3 Inc.
The funds will be used to continue building RioPort’s Pulse One Service,
which is designed to provide record labels with a “digital one-stop” for
delivering their content to consumers via a network of e-tailers. The
e-tailer network includes MTVi Group, House of Blues, iTURF and Ministry of
Money also will go toward building technology for music appliance
manufacturers, according to James Long, president and chief executive
officer of RioPort Inc.
“The financing provided by our new and returning investors will provide
capital and strategic partnerships RioPort needs to build its momentum as
the leading music ASP in this emerging market,” he said.
The second-round venture capital was provided by Oak Investment Partners,
venture capital firm, and Vulcan Ventures
Inc., the investment organization of Paul G. Allen, both of which were lead
investors in RioPort’s $30 million first-round financing in October 1999.