Music and entertainment rights management and royalty accounting platform Synchtank announced the completion of a $ 5.8 million Series A.
London-based Synchtank, which raised $ 650,000 in seed funding when it debuted in 2011, unveiled the multi-million dollar Series A via an official statement that was emailed to DMN . Octopus Ventures (which is also based in London) led the $ 5.8 million fundraising round, with the support of “management and existing shareholders”.
In addition, 2020 saw Synchtank – which has Warner Music Group, the NFL and “the majority of Hollywood studios” as clients – receive $ 750,000 in seed capital “from management, shareholders and Juno Capital Partners”, for a total of approximately $ 6.6 million. raised over the past year. Additionally, senior executives said the Octopus Ventures investment “marks the start of an ongoing financial partnership.”
The ten-year-old Synchtank intends to use this latest windfall “to strengthen its team, improve and expand existing services and features, and expand its customer presence beyond North America and the United States. ‘Europe “, according to the text, in addition to” rapidly “expanding the existing” deployment plans.
Additionally, Synchtank, which offers cloud-based data storage and ‘automated metadata tagging’ to name a few of the features, devotes a substantial part of the announcement post to highlighting the idea that the IP music’s value has “skyrocketed”, with “billions of dollars pouring in every month in successful deals.
“But as this new ecosystem is poised to propel revenue to record levels,” Synchtank maintains, “it has also created unprecedented challenges for those tasked with managing the underlying rights and making sense of a business. explosion of data coming from endless distribution channels. “
Addressing the increase in his business in a statement, Synchtank CEO (and NPR technology consultant) Rory Bernard said in part: Business.
“We are delighted to be working with Octopus with their focus and commitment to a long term strategy in the business, not only funding this ongoing funding round, but also building other funding rounds as the growth continues. music, media and broadcasting continues to explode, presenting a wealth of opportunities, ”concluded the director of Synchtank, who said he“ sees increasing demand ”for features from both the side of music and media.
Although several billion dollars have hit the IP music space since the start of 2020, the sales boom – along with the huge sums catalogs are fetching – shows little sign of slowing down.
October and November 2021 alone have made deals involving the work of Toto drummer Jeff Porcaro, veteran songwriter-producer Dallas Austin, Never too much creator Luther Vandross and “Will You Love Me Tomorrow” songwriter Gerry Goffin, to name a few.
Meanwhile, the estate of David Bowie, Bruce Springsteen and Sting are reportedly negotiating their own catalog sales, with a cumulative value (based on estimates; deals have not been finalized) of well over $ 500 million. of dollars.