Octiv Hears Dollar Signs

B2B audio solutions provider, Octiv (www.octiv.com) has announced that it has secured a $6 million round of funding. Octiv will use the funds to develop new products and penetrate new markets.

"These additional resources will allow Octiv to adapt our web-based audio technology to new markets like wireless, satellite radio, MP3 players, set-top boxes and IP phones," said Octiv president and CEO Keith McMillen. "As digital audio moves onto new platforms and devices, Octiv will be there."

Co-leading the round are FG II Ventures and Novus Ventures with participation by international venture capital firm, 3i.

"At FG II, we seek investments in companies like Octiv that possess large market opportunities, a clear competitive advantage and a strong management team," said FG II's managing director, David Roberts. "We look forward to helping Octiv achieve a broad and deep penetration of worldwide audio markets." Roberts will join Octiv's board of directors along with Novus general partner, Greg Lahann.

The participation of 3i, will allow Octiv to leverage 3i's understanding of world technology markets and the issues concerning competitive developments globally. < P>According to 3i's Gerald Brady, Octiv has a profound understanding of the audio and technology market, which places it in a strong position to apply its expertise to new developments in the audio, music and software industries. "Our confidence in and support of the Octiv management team is founded on their deep experience, proven knowledge and past success in the audio industry. We are pleased to contribute to this partnership and are excited to play a role in their continued growth," said Brady, who will serve as board observer and key advisor to Octiv.