London-based Audoo has just picked up an additional €8.4 million of new investment, taking the business’ total investment to over €16 million in its 3-year lifespan.
Founded in 2018 by Ryan Edwards, Audoo has a star-studded and industry-leading board, including Alexi Cory-Smith, Ex-President Repertoire & Marketing at BMG, Rick Riccobono a former vice-president at BMI Inc., Cliff Fluet, Chair of the Ivors Academy Trust, Adam Parness the former Global Head of Publishing at Spotify, and Chris Herbert, Music Manager and creator of the Spice Girls.
At the end of 2020, the young company also received funding from legendary ABBA singer-songwriter Björn Ulvaeus.
Audoo has developed a patented Audoo Audio Meter™. The Audio Meter is a small plug-in device ready to fit into a standard electrical socket, which securely monitors the music that premises (such as a bar, gym or shop) are playing.
The musictech company, therefore, is offering a pioneering solution to deliver accurate reporting of music playback – a huge step in ensuring artists and publishers are being paid fairly and accurately for their craft.
Inaccurate royalty payments is one of the music industry’s largest challenges for the music industry, with artists around the world missing out on billions every year. The status quo depends upon Performing Right Organisations (PROs) & Collective Management Organisations (CMOs) either having to manually collect data on the music that is played in commercial venues or relying on data analysis. Audoo is bringing a fresh approach to music monitoring.
Music captured by Audoo’s Audio Meter™ is identified by Audoo’s proprietary technology and then matched against a library of over 75 million songs, to report the exact version of the song broadcasted.
Ryan Edwards, CEO and founder, said: “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even more investment as part of our mission to help ensure artists are paid fairly after decades of missing out due to outdated processes.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.”
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.