Shazam, a smartphone app developer, found an ally through Carlos Slim. The latter is one of the world's wealthiest men. Slim invested a hefty US$40 million to back up the development of the start up. Shazam's apps are known for helping music fans indentify catchy songs.
The investment was a surprised move coming from the 73 year old Slim. The tycoon built his company America Movil which is in a more serious industry including the highly regulated telecoms and TV business in Latin America.
Prior to Shazam, Slim only looked into the European market through a Eur4.8 billion plough of stakes into KPN and Telekom Austria. However, the tycoon nursed huge paper losses after shares for both companies declined sharply in the past year.
Shazam which is based in Britain, will use the funds it received to accelerate its expansion into television where its recognition software can tune the soundtrack of a TV advertisement. This can get viewers directly to the brand's website.
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