A startup building a better version of Android is getting $110 million investment

Cyanogen, a startup that makes a forked version of Android, is reportedly close to raising $110 million in funding, according to Bloomberg.

While previous reports suggested Microsoft was in talks with Cyanogen, Bloomberg says the Windows software maker decided not to invest.

Microsoft may be interested in a commercial deal to get its software on Cyanogen's platform, however, according to the report. Bloomberg says, "PremjiInvest, the investment vehicle of Wipro Ltd. Chairman Azim Premji" is one of the investors.

Earlier this month, Cyanogen CEO Kirt McMaster told Business Insider the company would make announcements about its C round funding in the "next few weeks," but wouldn't comment specifically on Microsoft's involvement.

McMaster said there are "a lot of significant parties that are interested in the company."

Bloomberg reports that the round could value Cyanogen at $500 million or more.

There are quite a few other possibilities, according to The Information, which reported in August that Amazon, Yahoo, Samsung, and Microsoft were all in talks with Cyanogen.

Cyanogen makes an open firmware based on Android that allows users to add more features and customization to their phones. Chinese startup OnePlus, which has a phone called the One that proved to be insanely popular in 2014, ships its device with Cyanogen pre-loaded.

We've reached out to Cyanogen and will update this story accordingly with any comment.