Cyanogen To Receive $110 Million Cash Infusion Without Microsoft’s Help
Just a few weeks ago, it looked like Microsoft was set to make a $70 million minority investment into Cyanogen, makers of custom Android builds overseen by famed modder CyanogenMod, otherwise known as Steve Kondik. Microsoft apparently got cold feet in the waning hours of negotiations, though it looks as if Cyanogen won't be strapped for cash, after all.
Citing "people with knowledge of the matter," Bloomberg says Cyanogen is close to securing a new $110 million round of financing. Azim Premji, Chairman of PremjiIinvest, the investment arm of Wipro Ltd., is said to be among the investors in the new round of funding. Names of other investors aren't yet known, though if the $110 million round goes through as planned, it could value Cyanogen at more than $500 million.
Cyanogen has big plans for its future. The company's CEO, Kirt McMaster, made a rather bold statement at a "Next Phase of Android" event in January that many in the crowd took to be a joke.
"I'm the CEO of Cyanogen. We're attempting to take Android away from Google," McMaster said.
Though McMaster's comments reportedly drew laughter from the crowd, he wasn't joking. He made the declaration a day before word got out that Microsoft was in talks to invest $70 million into the company, and even though that fell through, a $110 million cash infusion from a different set of investors isn't too shabby.
On top of that, it's said that Microsoft is still interested in some type of commercial deal that would get its software pre-installed onto Cyanogen's operating system. Microsoft's tried in the past to strike similar deals with Google, but has met with resistance. It might have better luck with Cyanogen, which is looking to offer a better Android experience than Google.
Citing "people with knowledge of the matter," Bloomberg says Cyanogen is close to securing a new $110 million round of financing. Azim Premji, Chairman of PremjiIinvest, the investment arm of Wipro Ltd., is said to be among the investors in the new round of funding. Names of other investors aren't yet known, though if the $110 million round goes through as planned, it could value Cyanogen at more than $500 million.
Cyanogen has big plans for its future. The company's CEO, Kirt McMaster, made a rather bold statement at a "Next Phase of Android" event in January that many in the crowd took to be a joke.
"I'm the CEO of Cyanogen. We're attempting to take Android away from Google," McMaster said.
Though McMaster's comments reportedly drew laughter from the crowd, he wasn't joking. He made the declaration a day before word got out that Microsoft was in talks to invest $70 million into the company, and even though that fell through, a $110 million cash infusion from a different set of investors isn't too shabby.
On top of that, it's said that Microsoft is still interested in some type of commercial deal that would get its software pre-installed onto Cyanogen's operating system. Microsoft's tried in the past to strike similar deals with Google, but has met with resistance. It might have better luck with Cyanogen, which is looking to offer a better Android experience than Google.
