Semetric, the company that runs Musicmetric, has landed £3 million ($4.7 million) to develop the digital music analytics platform into new verticals and expand its presence in the US and UK markets.
The funding comes from tech investment firm Imperial Innovations Group and existing investor Pentech Ventures, a software focused VC fund. The company — which has offices in London and Los Angeles — doesn’t go into specific details of what it will do with the money, but it does say that the capital will support its “global plans to expand” and help develop its products.
Indeed, Gregory Mead, Semetric CEO, provides more color when he says it “will allow us to firmly establish Semetric across Europe and America”. From that it seems that we can expect new offices and/or hiring activity on both sides of the Atlantic as the firm looks to extend its sales and marketing reach and bring more customers on board.
Musicmetric, which partnered with Last.fm last year, aims to be a one-stop shop for analytics for labels and their artists. It pores over all mentions of artists and their music on the Internet, giving a snapshot of what’s being said in the media, on social networks, comment sections and all other parts of the Web.
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The company says it is currently tracking data for 600,000 artists and over 10 million individual releases and that it is “used by thousands” in the entertainment industry, but it is eyeing expansions. It estimates that the market for media analytics is worth approximately $3 billion per year, so it is diversifying its offerings to grab a larger slice of that pie.
Commenting on the new investment, Marc Moens of Pentech Ventures, said that the Musicmetric has real long-term potential:
Our focus has always been on smart, passionate entrepreneurs developing innovative tech businesses that offer real long-term value to investors. Semetric has made real progress over the last two years and we have been impressed by the development of Musicmetric, which has become the world’s leading music analytics platform. We’re excited by what’s set to come and believe there is a real long term opportunity in offering this kind of analytics across the entertainment industry.
The firm says it works with “all major recording labels” in the UK and US, while holding partnerships with a number of media firms. EMI, MTV and the Guardian are some of its partners, while it is working with NME magazine to provide analytics for next month’s NME Awards.
Semetric previously raised £1.7 million ($2.7 million) in other funding. Today’s deal will see Jon Edington of Imperial Innovations become a non-executive director of Semetric.
Related: Musicmetric opens up a world of music data as it launches API
Image via craigcloutier / Flickr
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