'Virtual' Cellular Operator Gets Funding

A cellular mobile virtual network operator (MVNO) aiming its mobile service at young adults scored funding Monday from one of the largest music companies.

Universal Music Group (UMG) was among the companies providing funding to Amp's Mobile, which says it is aiming 18-to-35 year-olds. It said it will use the investment to launch services later this year.

MVNO's look to customers like regular mobile operators but they lease spectrum from existing wireless operators. In this case, Amp'd Mobile will be using 3G spectrum from Sprint. Typically, MVNOs target a specific market segement.

Besides UMG, others joining in this round of investments include Highland Capital Partners, Columbia Capital and Redpoint Ventures.