Audoo Raises $5 Million to Expand Music Technology
Audoo, a London-based music technology company, recently announced that it has raised $5 million in funding. This funding round brings Audoo's total amount raised to an impressive $22 million. Notable participants in this round include Elton John, David Furnish, MPL Ventures, ABBA's Bjorn Ulvaeus, Tileyard, and Edinv. With this new capital injection, Audoo plans to expand its operations and increase its global business reach.
Ryan Edwards, the founder of Audoo, established the company in 2018 with the goal of addressing the challenges surrounding public performance royalty data collection and payment distribution.
Audoo's innovative solution lies in its proprietary technology called Audoo Audio Meter™ and insights platform, which allows all parties involved in the data chain to identify in near real-time when and where music is played, as well as how it should be rightfully compensated. By partnering with industry leaders such as PRS for Music and PPL, Audoo's devices are being deployed across Europe, Australasia, and Africa to accurately track and report each song played in public establishments like cafes, bars, hair salons, restaurants, gyms, and retail locations.
The widespread adoption of Audoo's Audio Meters™ is a testament to their world-leading accuracy and efficiency. These devices have already been implemented in over ten countries across four continents. It is worth mentioning that Audoo is an alumnus of the esteemed Abbey Road Red incubator, which further demonstrates the company's commitment to innovation and excellence in the music technology sector.
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