Online digital music portal RioPort Inc. announced on Tuesday that the company had complete its first round of investment to the tune of $30 million. In addition to its parent company, Diamond Multimedia Systems Inc. (now S3 Inc.), and a partnership with MTV, Vulcan Investments and Oak Technologies have both taken significant equity stakes in the company. RioPort hopes to become a major destination for buyers of MP3 files and other forms of digital music. -- Robert Lemos, ZDNN
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