Seattle-based mobile music firm Melodeo has now finalized a $7.9 million round, according to information revealed Thursday.
Ignition Partners and Voyager Capital led the financing. Melodeo indicated that the infusion will be used to bolster nuTsie, a technology that enables mobile users to access and share iTunes collections on-the-go.
The funding announcement closely follows a partnership involving Korean mobile operator KTF, a pact that involves Melodeo-powered mobile internet and entertainment solutions. “With this new funding, the KTF licensing fee and the revenue generated through our distribution deals with several wireless carriers, we’ve created enough runway to grow nuTsie into a substantial player in the music delivery arena,” said Olin Nichols, chief financial officer at Melodeo.
Story by news analyst Alexandra Osorio.