HTC, $40M Down From OnLive, Will Put $35.4M Into Magnet Systems For Enterprise Apps

#SuryaRay #Surya HTC, the troubled Taiwanese handset maker, today dealt its investors a one-two punch. The company will take a $40 million hit from its investment in OnLive, but it will also be redoubling its efforts to find new sources of revenue: the latest being a $35.4 million investment in Magnet Systems, an enterprise applications startup that is backed by Andreessen Horowitz. HTC says that it will take a 17.1% stake in the company, a Series B investment, equivalent to a $35.4 million. To date, Magnet had raised $12.6 million from Andreessen Horowitz in a Series A round. The investment announcement was first spotted by Reuters. http://dlvr.it/21v8s0 @suryaray