ABBA star invests Money, Money, Money in £5.2m funding round for London music tech company
A London music technology company has announced that it has raised £5.2m in a funding round backed by a member of one of Europe’s biggest pop groups.
Audoo, which aims to ensure that artists receive royalties for their work, has been backed in the Series A funding round by Björn Ulvaeus of ABBA.
The company has invented an audio meter that monitors music being played in venues and logs it, meaning that artists and composers are compensated for the broadcasting of their work.
The product is GDPR compliant, only logging which songs have been playing and not retaining any audio.
Ryan Edwards, Audoo’s CEO, commented: “It doesn’t matter who you are – from Sir Elton John to the local singer-songwriter – we will deliver accurate data to ensure artists are paid fairly. The mission is everything to us.
“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. We will collect and report the biggest set of public performance music data ever created.”
Björn Ulvaeus added: “For a long time I have urged Performing Right Organisations to use intelligent third-party technology.
“Audoo is a solution I believe will change the music industry forever and that’s why I have put my money where my mouth is.”
Chris Herbert, Audoo’s non-executive director and music manager, said: “Having worked closely with Ryan and the team for the past year, I couldn’t be prouder of our achievements, and how quickly we have raised these funds in such a challenging environment from industry leading & experienced investors.
“It is further validation of the need for such technology on a global scale.”
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