Audoo announced securing a £5.2M funding Series A round backed by Björn Ulvaeus and Tileyard London.
Audoo, a London, UK-based startup buidling a music technology business, announced that it raised £5.2M in capital funding, series A round.
Audoo’s board features big names including Alexi Cory-Smith – Ex-President Repertoire & Marketing at BMG, Rick Riccobono a former vice-president at BMI Inc. and International Rights Expert, Cliff Fluet, Chair of the Ivors Academy Trust, Adam Parness the formal Global Head of Publishing and Chris Herbert, Music Manager and creator of the Spice Girls.
Proceeds will be used to launch the product in the market, namely the ‘Audio Meter’, a small device that securely monitors what music a venue is playing, recognises and logs it, meaning that artists and composers could receive the royalties they are owed for the broadcasting of their work.
Audoo, founded in 2018 by CEO Ryan Edwards, has invented an audiometer, shaped like a small plug that fits into a standard electrical socket. The meter securely monitors what music a venue is playing, recognises, and logs it, meaning that artists and composers can accurately receive the royalties they are owed for the broadcasting of their work. To maximise the audiometer rollout, the company is working with Performing Right Organisations around the world to make installation a condition of venues gaining a license to play music.