Audoo raises $5m with Elton John and David Furnish
The music technology company will expand its work with licensing partners and public venues.
Audoo secured $5 million in a funding round that included Elton John and David Furnish. Their investment supports the London company’s effort to give music rights organisations more accurate information about songs played in public.
Its Audio Meter devices recognise music played in venues such as shops, cafés, hair salons and gyms. Playback data can then help licensing organisations calculate and distribute public-performance royalties.
Founder Ryan Edwards has identified Europe and the United States as priorities for expansion. The company’s growth strategy combines deployment of its monitoring devices with partnerships across the music licensing industry.
Use of funds
Expand music recognition technology and international licensing partnerships