British startup Audoo has raised a Series A funding round of £5.2m (around $6.9m) to continue developing and rollout out its technology to track public performance usage of music.
The round was raised in 10 weeks from investors including Edinv, Björn Ulvaeus and Tileyard London. The funding follows Audoo’s win at the Midemlab startups contest earlier this summer.
The company makes an ‘audio meter’ that, once installed in a public venue (for example a gym, cafe or pub) tracks the music being played, and feeds that data back to collecting societies.
“If our technology is in place in all UK licenced premises, it will log around 80 million plays every 12 hours. We’ll know – with certainty and in detail – exactly what people are listening to,” said CEO Ryan Edwards.
Ulvaeus talked to Music Ally earlier this year, in his new role as president of CISAC, about his desire for more technology of this kind to be deployed. “I have a vision of almost songwriters being paid in real-time,” he said then. Audoo is one of the companies that could help.
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