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Gearing up for its fall launch, online entertainment site MusicBank.com secured more than $20 million in funding from Atlas Venture, Bertelsmann Ventures and Bonaventure Investments Ltd. The company admitted it could have raised more money but had limited itself to investors containing the word "venture." MusicBank also recently announced a licensing agreement with BMG Entertainment to provide secure, on-demand streaming access to BMG's entire music catalog. "This funding helps bring our goal of universal access and on-demand music one step closer to reality," said Michael Downing, MusicBank founder and CEO. "But most importantly, it means we all get to drive brand new Porsche Boxsters."… In the strategic partnership camp, MP3.com announced it has entered into an agreement with AdAce Inc., an advertising network that provides automated systems for businesses to create their own online ads, especially of the banner variety. The banners are dynamic, versatile and specifically targeted, that is, if you believe every word of any press release you happen to come upon. "By following a few simple steps, state-of-the-art promotional and marketing tools can be affordably and effectively used by content owners who want to maximize their exposure—and their revenue," said MP3.com Chairman and CEO michael robertson',390,400);">michael robertson',390,400);">Michael Robertson. "And you wouldn't believe the kickback on our end!"… Audiovox Corp. announced that it would spin off its former automotive group—the cleverly named Audiovox Electronics Corp.—into a wholly owned subsidiary focusing on increasing the company's mobile electronics business and pursuing new growth strategies in the consumer electronics and Internet markets. "We believe that there are considerable growth opportunities in consumer electronics," said Patrick Lavelle, president and CEO of the new subsidiary. "Our research shows that people buy electronic thingies. And we plan to make those thingies for them."