London music technology firm raises £7.2m in pre-series B funding round
A London-based music technology firm has today announced £7.2m of new investment in a pre-series B funding round bringing total investment to over £14m.
Led by existing investor Edinv, with significant follow-on from Tileyard London and a new notable investor in MPL Ventures, the latest funding will be used to drive Audoo’s growth into new markets as it expands across Europe, North America and the APAC regions.
Audoo, who at the end of 2020 raised £5.2m in Series A funding, has developed a patented Audoo Audio Meter™. The Audio Meter securely monitors the music premises are playing.
Inaccurate royalty payments is one of the music industry’s largest challenges for the music industry, with artists around the world missing out on over $2.7bn every year due to royalty collection organisations having to manually collect data on the music played in commercial venues, or relying on outdated data analysis.
Music captured by Audoo’s Audio Meter™ is never recorded, stored or transmitted, therefore no personal identifiable information is ever captured, ensuring GDPR compliance. Music is identified by Audoo’s technology, and then matched against a library of over 75 million songs, to report the exact version of the song broadcasted.
Audoo’s founder and CEO, Ryan Edwards, commented: “We are proud to have secured even more investment as part of our mission to help ensure artists are paid fairly after decades of missing out due to outdated processes.
“The mission is everything to us, and to have the continued support from our musical heroes like Björn further helps deliver our vision globally.
“We are committed to delivering the most accurate data for public performance to PROs & CMOs around the world, and this latest investment will help us accelerate our international expansion into key territories across Europe, North America, and APAC.”
Ryan concluded: “We’d like to welcome our new investors and thank our existing ones for their continued support.”
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