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Reciva, a Cambridge firm which makes silicon-mounted software to receive internet radio, appointed ex Chrysalis Radio CEO Phil Riley its new chairman, after securing a “significant” round of funding. CEO Ben Terrell would not disclose the funding amount but he did tell paidContent:UK: “We’re saying our funding is adequate to help us address the opportunity that is there at the moment, and the likely opportunity for the next year or two.” He also has his eye on more funding later this year: “That would way of accelerating some of our plans.”
Reciva’s software is mounted on chips that are used in the emerging range of internet-capable radio sets, and includes a directory of over 13,000 online stations and 55,000 podcasts from 150 countries. Any company that can squeeze that choice in to an EPG easy enough to use on a gadget that looks like a conventional radio may be well placed to profit from the benefits afforded by the choice that comes with internet radio, which trumps DAB by several orders of magnitude.
“The scale of the market could sell tens of millions of radios per year,” Terrell told me. “We’re engaged with around 80 different factories – just one of those factories is engaged in over 40 different designs for us at the moment. The challenge is to step up to the plate for this scale of opportunity.” Reciva has a representative office in China’s Shenzhen and the funds will shortly be used to recruit a team there.
“The opportunity in the US is definitely very large, the next place is certainly Europe, certainly Germany, and some kind of representation in Japan is very important, Terrell added. “Those offices would be responsible for sourcing additional content, making sure content is correct, talking with broadcasters about providing further on-demand programmes.” Reciva’s EPG includes Listen Again programmes from the likes of BBC Radio as well as live streams.