Reciva, a Cambridge, UK-based software company, has appointed Phil Riley, former CEO of Chrysalis Radio, as its chairman and said it was seeking more funds to expand into the "flat earth" of internet radio".
The report in the Financial Times said the appointment signalled the beginning of rapid growth for Reciva into a market for tens of millions of unit sales within five years.
Reciva's software sits at the heart of radios produced by well-known brands such as Roberts and currently employs just 18 people.
Internet radios allow listeners to receive 13,000 radio stations from 150 countries as well as a library of 55,000 podcasts.
Reciva's CEO Ben Terrell, was quoted as saying, "The internet has flattened the world for ever, and that is where we are trying to go."
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