By: John Pletz
Crain's Chicago Business
Rivet Radio, a digital news-broadcasting startup that counts Jaguar, Land Rover and Bosch among its customers, has raised another $1.9 million.
So far, the Chicago-based tech company has raised $3.6 million in convertible debt from strategic investors, such as the Associated Press and A.H. Belo Corp., which owns the Dallas Morning News and other newspapers; as well as backers that include Chicago venture capitalist Steve Miller, founder of Origin Ventures; Elmhurst-based Ringleader Ventures; and Irish Angels, an investor network made up of University of Notre Dame alumni.
The company is using the investment to further develop its product, a digital content platform for on-demand audio newscasts that can be sold to advertisers, said CEO John MacLeod. The former Navteq and Disney executive launched Rivet in 2013 as a way for advertisers to reach news radio listeners who are switching to digital—listening to audio on their smartphones instead of traditional broadcast radio.
Customers include automakers and suppliers, as well as InterCall, a global teleconferencing provider that plays Rivet newscasts when users are on hold. The company has built smartphone apps for Apple's iOS and Google's Android platforms, as well as interfaces that other partners such as InterCall can use to integrate its content. Rivet also is available on Amazon's Fire platform.
Rivet, which has grown to more than 30 employees, recently moved to a larger 5,000-square-foot space at 2 N. Riverside Plaza.
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For more information and to download Rivet Radio visitwww.rivetnewsradio.com.
Rivet Radio, Inc.
Featured by Apple as “The Best in Bite-Sized News” and a “Start Up To Watch” by Chicago Innovation & Built in Chicago in 2015, Rivet delivers customized, multiplatform audio news and feature stories worldwide. Rivet has grown fromiPhone, Android, Amazon and car apps into a platform powering the global Audio of Things for millions of listeners. It’s radio reimagined.