In the fast-paced world of music tech startups, London-based Audoo is making waves. The company, which is pioneering a transformation in public performance royalties, recently secured a significant $5 million in funding, with some major names backing their mission.
Leading this investment round is none other than Grammy legend Elton John himself, joined by luminaries like David Furnish, MPL Ventures, and ABBA's Bjorn Ulvaeus. With the addition of this substantial sum, Audoo's total funding now stands at an impressive $22 million.
Audoo has plans to put this funding to great use by expanding its operations worldwide. But the music tech firm's journey doesn't stop here. It's not just the funds; Audoo has been making strategic hires that signify its commitment to revolutionizing the music industry's royalty landscape.
Recent appointments include Nigel Elderton, an esteemed music publishing veteran formerly associated with PRS for Music, stepping in as Chairman. Moreover, former CEO of NASDAQ-listed Contract Research Organization Syneos Health (SYNH), Alistair Macdonald, has joined as a board advisor.
Elton John, who has seen all facets of the music industry, empathizes with the struggles of artists, especially new and emerging talents. He acknowledges that musicians often face the harsh reality of being underpaid, primarily due to a lack of accurate data. And that's where Audoo steps in.
Audoo founder and CEO Ryan Edwards, appreciative of the tremendous support from music legends, sees this investment from Elton and David as a crucial milestone in their mission to revolutionize royalty distribution in the music industry.
Audoo's key mission is to address the multi-billion-dollar issue of unaccounted royalties in the music sector. With a unique platform that combines Audio Meters and insights, they're striving to bring transparency and fairness to the royalty space. This innovative approach enables everyone in the data chain to precisely track where and when music is played, ensuring artists receive the royalties they deserve.
The deployment of Audoo's devices across Europe, Australasia, and Africa, in collaboration with strategic partners, is a significant step towards resolving the royalty challenge. These Audio Meters are popping up in various public performance locations, such as cafes, bars, salons, restaurants, gyms, and retail outlets. Audoo's real-time tracking is a game-changer in ensuring that artists get their fair share in the music industry.
With legends like Elton John and a technology-driven approach, Audoo's mission to keep the music alive and thriving couldn't be in better hands. As they forge ahead in this industry-changing journey, Audoo is set to redefine how music royalties are managed and distributed, benefiting generations of creatives.