British music/tech startup Audoo has launched an equity crowdfunding campaign, in which it will attempt to raise $250k of funding at a valuation of £6m.
CEO Ryan Edwards launched the campaign last night at the latest demo day of the Abbey Road Red incubator in London, which Audoo is currently part of.
The company is focused on helping to grow (and make more accurate) the public performance royalties paid out to musicians. Its first product is the ‘Audoo Meter’, an Echo Dot-sized device that can be used in public spaces (gyms, restaurants and bars for example) to identify the music that’s playing and feed that data back to collecting societies. It is also working on analytics for musicians to see where their work is being played, and an app called CoLab later this year that will present that data, but also create a community for those musicians.
Audoo is also planning to launch a service for musicians to check if businesses they are visiting are licensed. “If you’re in a coffee shop, a gym, you can geolocate yourself and see if they’re licensed,” said Edwards. “If not, you can capture a short video, send it to the PRO, and they will send somebody round with a clipboard and say ‘Hey, we know you’ve been playing music…’” Audoo will be launching its meters within the next 12-14 weeks across 250 locations in the UK.
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