Blockchain for Music Startup Raises $5.5. Million in New Funding

Decentralized music-sharing protocol Audius has raised $5.5 million in a Sequence A funding spherical led by Basic Catalyst and Lightspeed Capital the agency introduced Wednesday.

The venture seeks to make use of a blockchain platform to assist artists management the music they share, in keeping with a press launch.

Whereas a launch date just isn't but clear, the musician-owned platform would permit artists to publish their work and work together with followers, moderately as platforms like SoundCloud function right now. Nevertheless, Audius would supply artists with a larger diploma of management over their mental property than present programs do right now, the discharge claims.

The startup boasts advisers together with BitTorrent chief architect Greg Hazel, Augur co-founder Jeremy Gardner and musician 3LAU, amongst others.

3LAU, who's notably headlining what's been dubbed a blockchain music competition later this 12 months, stated in a press release that it is vital for artists to be part of working their content material distributors.

He stated:

"Artists want decentralized fashions for music sharing, and a stake within the platforms they contribute content material to. Blockchain permits Audius to do that with tokens and decentralized voting-based governance so artists have a say in how the platform evolves. It is a very elegant mannequin and one which, as an artist, I discover immensely engaging."

The platform was conceived by musician Ranidu Lankage and co-founders Roneil Rumburg and Forrest Browning, in keeping with the discharge. Additionally taking part within the funding spherical have been Kleiner Perkins, 122West, Ascolta Ventures and Pantera Capital.

Headphones and keyboard picture by way of Shutterstock

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