Blockchain-Based Music Start-Up Raises Funding of $5.5 Million
Audius a Decentralized music-sharing protocol announced on Wednesday; it has raised $5.5 million in Series A funding led by General Catalyst and Lightspeed Capital.
As per the Press Release, the project sought to use a blockchain platform to help artists control the music they share.
While a release date isn’t clear yet, the musician-owned platform would enable the artists to publish their work and interact with fans, somewhat as platforms like SoundCloud operate today. Although, Audius would give artists with a greater degree of control over their intellectual property than existing systems do today, the release asserts.
3LAU who is prominently headlining what’s been named a blockchain music festival later this year stated in a statement that it’s essential for an artist to be part of running their content distributor.
“Artists require decentralized models for music sharing, and a stake in the platforms they contribute content to. Blockchain enables Audius to do this with tokens and decentralized voting-based governance, so artists have a say in how the platform grows. It’s an exquisite model and one which, as an artist, I find immensely attractive.”
As per the release, the platform was conceived by musician Ranidu Lankage and co-founders Forrest Browning and Roneil Rumburg. Also participating in the investment round were 122 West, Kleiner Perkins, Pantera Capital and Ascolta Ventures.