AudioBase Gets $5 Million
Even in these tough times, it's possible to get funding. On Tuesday, streaming audio company AudioBase (www.audiobase.com) announced it had secured $5 million in its series D round of financing. Investors include Charles Schwab, as well as a smaller group of existing investors.
The influx of cash comes as rival company Radical Communications essentially shut down operations a few weeks ago after failing to get funding.
Audiobase also announced that it has achieved "record revenue" in the first five months of 2001, eclipsing total revenue for all of 2000. But since it's a private company, Audiobase did not disclose specific numbers.
"We are very pleased to have secured this round of funding," said David Haynes, CEO of AudioBase. "In this environment, investors are extremely cautious and selective with their investments, focusing on companies who clearly deliver a return on investment for their customers. AudioBase has developed a solution that will increase a company's bottom line by simplifying all or parts of the user experience. This results in decreased customer service costs and increased revenue."
Audiobase is a provider of Java-based audio solutions that stream-enable e-commerce sites. Customers include Charles Schwab, Macy's, America West Airlines, Compaq and others.