Betaworks is an incubator firm that is based in New York.  The incubator firm has raised $20 million in a second round of funding.  Betaworks primarily invests in web startup companies.  The firm was started by AOL veterans John Borthwick and Andrew Weisman.  So far Betaworks has made investments in about 24 companies including Bit.ly, TweetDeck, Twitterfeed, and Chartbeat.  The investment was led by Intel Capital.  RRE Ventures, Softbank, Founders Collective, AOL Ventures, DFJ Growth, and The New York Times also participated.  The last round of funding was $8 million. [GigaOm]

Google Inc. (NASDAQ:GOOG) has launched an extensions option within the Google Wave Navigation menu.  As of right now, Google Wave is still an invite-only service.  The gallery of extensions is intended for users to discover tools that developers are making with APIs.  The gallery is a set of waves that contain extension installers. “As a tip, you can also use the waves in the gallery to share a direct link to your extension’s installer with other Google Wave users — simply open the installer and copy-and-paste the URL (note: the panel arrangement and search query are included in the URL, but can easily be edited out),” stated Google Wave Product Manager Dan Peterson.  [Google Wave Developer Blog]

ProStor is a company that develops devices such as removable hard disks.  Imation Corporation has invested $5 million into ProStor earlier this week.  As part of the agreement, Imation has made a licensing agreement with ProStor for the company’s RDX removable disk format.  Imation signed a 10 year license extension on RDX, giving them the rights to manufacture, market, and sell the technology.  [TechRockies]

Hunch is a startup service that allows users to answer questions using crowd-sourcing techniques.  Khosla Ventures is rumored to be leading a $10-$12 million round of funding in Hunch.  Other investors include General Catalyst Partners, Bessemer Venture Partners, and Ron Conway.  Hunch was started by Caterina Fake, the co-founder of Flickr.  Chris Dixon is also a co-founder in Hunch.  Dixon started SiteAdvisor and sold it to McAfee in 2006.  Hunch receives about 1.2 million uniques per month according to internal numbers. [AllThingsD]

Sonos is a Santa Barbara based wireless music company.  They sell devices that can wireless play music around your house using an iPhone, iPod, FM tuner, or other music player.  Sonos also has an iPhone app that allows you to control the music player controls. The company has raised $25 million in recent funding, led by Index Ventures.  Mike Volpi has joined the board of directors as a a result of the funding.  [VentureBeat]

Bud Kelley is selling a TV station in Muskegon, Michigan on eBay for-the-cheap.  The price is a starting bid of $500,000 and it has a buy-it-now price at $700,000.  Kelley wants to “retire in the South.” which is why he is selling it right now.  He has been a broadcaster since 1990.  His list of programs include live talk shows, sports shows, and a popular bingo show every Thursday night. [eBay link via BusinessInsider]

Hewlett Packard is spending $40 million on a new campaign called “Let’s Do Amazing.” For the campaign HP has hired Rhys Darby of Flight of the Conchords and music producer and artist Dr. Dre.

Google Street View has been added to Hong Kong, China.  Google started taking pictures from their cars in November.  Chien Lee Fung, Google’s Engineering Director of the research & development center of Google Taiwan and Hong Kong said that the names of buildings will be in English and Chinese.  Users can also upload images and videos in Hong Kong. [Xinhuanet.com]

Evri Inc. has acquired Radar Networks (Twine.com).  Evri runs a “search and discovery engine” that filters topics and results based on what is important to users.  Radar Networks started in 2003 by Nova Spivack.  Spivack will remain on Evri’s board to serve as an advisor.  Vulcan Inc., the company started by Microsoft co-founder Paul Allen is an investor in both firms. [San Francisco Business Times]

LivingSocial is a company known for making Facebook applications where users can rate and review their favorite books, movies, etc.  Now LivingSocial is trying something new: group coupons.

LivingSocial raised $25 million in a round led by U.S. Venture Partners, Grotech Ventures, and Steve Case’s Revolution LLC.  Local businesses offer deals to only a group of people.  LivingSocial plans to take this concept and spread it on Facebook.  If a local deal is made, LivingSocial gets a cut from the local businesses.

Currently LivingSocial is offering group coupon deals to residents in Chicago, Denver, Raleigh-Durham, and San Diego.  LivingSocial’s biggest competitor for this new model is Groupon.com, another well-funded group coupon company.  The advantage that LivingSocial has is that they already have a solid footprint in Facebook applications. [VentureBeat]