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Digital
Echo Nest secures new funding
By CMU Editorial | Published on Friday 13 July 2012
Music data company The Echo Nest has revealed it has just secured an extra $17.3 million in funding, and says it will use the money to expand its range of services, going beyond powering data elements of digital music platforms, and into what it calls ‘social discovery’. It will develop its fan analytics platform, and look for ways of making that kind of information useful for other brands and media.
The latest funding round was led by Norwest Venture Partners, and, according to Billboard, existing investors Matrix Partners, Commonwealth Capital Ventures, Fringe Partners, Jim Pallotta and Michael Brown are among those to have put new money into the business.
A partner at one of those investment funds, Commonwealth Capitals’ Elliot Katzman, told reporters: “It is an exciting time to be working with The Echo Nest. The company has continued to make excellent progress since our initial investment in 2008, and we are looking forward to even more exciting developments ahead”.
