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Shazam Raises Money; Looks to Increase Product Development

Shazam, the company that has created a dedicated following of smartphone users who use their phones to learn the names of songs, has raised $32 million recently, and may be close to a public stock offering, Reuters is reporting.

According to Reuters, the new funding was offered by venture capital firms Kleiner Perkins Caufield and Byers, and Institutional Venture Partners. Shazam may be able to make new hires and increase product development. The company also has plans to expand into the television market.

The news comes after social networking website, LinkedIn’s shares more than doubled on their first day of trading. Shares of the Interent music company, Pandora, increased as much as 30 percent on their first day at the market.

Shazam has made no decision as of yet as to whether or not it will list its shares on the public market but signs point to yes.

The London-based company is most well-known for its music-recognition software allowing cell phone users to identify a song played on the radio. However, Shazam desires to increase its markets, hopefully making its way into television.

Shazam has recently made deals with Comcast Corp’s NBC Universal and its advertisers, to allow users of Shazam to access additional video footage, through their cell phones by pointing them at the TV set.

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