According to sources of Bloomberg, Cyanogen Inc. is preparing to close a new round of financing where it has managed to raise $110 million.
Premji Invest — the investment division of Wipro Ltd.’s Chairman Azim Premji — will be among the lead investors in this new round of funding. Microsoft, which has been rumored to invest in Cyanogen Inc. for quite sometime, has decided against investing in it after its negotiations talk with the company failed. The Redmond based company, however, might still be interested in entering into a commercial deal with Cyanogen Inc.
One of Bloomberg’s sources had said in January that Cyanogen Inc. could be reportedly valued at $500 million or more in its latest round of funding.
Cyanogen Inc. is among the hottest Android related startup in the smartphone industry right now. The company recently announced a partnership with Qualcomm on its QRD program that will allow OEMs to quickly ship devices based Qualcomm’s reference design with Cyanogen OS.