iBiquity Digital Corporation
The combination of an increasingly digital world and the threat of satellite offerings on traditional radio led to the need for a new standard in radio broadcasting. In early 2000 Grotech invested in one of two competing developers of digital radio technology, USA Digital Radio. Two years later, USA Digital Radio was merged with Lucent Digital Radio to create the world's largest developer of digital radio technology and launched its technology as HD Radio. HD Radio provides for higher quality sound, additional channels through multicasting over a single dial position, and increased capacity for data streaming.
Grotech Ventures' Role
Grotech was an early financing partner during the Company's early years of technology development, FCC regulatory process, and radio industry adoption. Since then, Grotech has worked closely with the Company in developing and implementing a commercialization and distribution strategy that enabled the Company's HD Radio technology to achieve wide-scale adoption.
iBiquity's technology has been approved by the FCC and the International Telecommunications Union as the worldwide standard for digital radio broadcasting. Over 2,000 radio stations are broadcasting in digital, with over 1,100 multicasting channels. Every major radio manufacturer is developing HD Radio products and over 100 products are available today in a variety of retail, mail-order and automotive channels. Over two million HD receivers have been deployed to date. Thirteen automobile manufacturers are including HD Radios as a standard or factory-installed feature with more to come in 2010: Audi, BMW, Ford, Hyundai, Jaguar, Kia, Land Rover, Lincoln, Mercedes, Mercury, MINI, Scion and Volvo.