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Hearst Ventures, the investment arm of media giant Hearst Corporation, said it was making a minority equity investment in Science, the Los Angeles area tech “studio.”
Privately held Hearst is the sole investor in the new funding, although the company declined to reveal financial terms of the investment.
But sources with awareness of the deal said it was close to $30 million for a stake above 20 percent.
Somewhat akin to a startup accelerator, Science is attempting to quickly create and scale a number of promising companies in a variety of areas, and has launched 13 so far.
Read the full story at AllThingsD
