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Cyanogen Raises Needed Financing

cyanogen Cyanogen is a $500 million company after latest round of funding.

The start-up company, Cyanogen, creates Android-based operating systems which allow the user more control and customization of their Android device.

Cyanogen is about to close a deal that will add an additional $110 million in funding to the Android company. With this funding, Cyanogen will be able to position itself as a key player in the Android market and open themselves to the possibility of having their software embedded in more smartphones and tablets.

Azim Premji, Chairman of Wipro Ltd., is one of the main investors of the new round of funding. While Microsoft has opted out of the funding process, they are still very interested in a commercial deal that will integrate their software into the Cyanogen operating system, which is something Google has not allowed.

Other notable investors in the latest round are Redpoint Ventures, Andreessen Horowitz, and Benchmark.

(Image Source: iCLIPART)