Semetric raises £3m to grow digital music analytics platform Musicmetric
London Tech City start-up secures funding for global growth from Imperial Innovations and Pentech Ventures
London and Los Angeles-based data analytics start-up Semetric has raised £3m ($4.7m) via Imperial Innovations Group and Pentech Ventures to fund the growth of Musicmetric.
Digital music analytics platform Musicmetric has the ability to benchmark and compare artists’ performances in real-time and works with record labels, managers, radio stations and music marketers.
Clients already include EMI, The Guardian, and MTV. Current projects include plans to develop real-time analytics for the NME Awards.
With the global market for media analytics estimated to be worth $3bn a year, the investment will enable Semetric to pursue global growth of the product and follows previous investments totalling £1.7m ($2.7m).
Started in 2008 by Gregory Mead, Marie-Alicia Chang and Matthew Jeffery, the business has assembled an experienced management team including executive chairman Dr Jeremy Silver, who was previously vice president, new media at EMI Group in Los Angeles and Daniel Savage, ex-Maverick Records general manager and former employee of Atlantic, Island and Hollywood Records.
Musicmetric enhanced its reputation in digital music through its development and launch of a BBC app to enable fans to find the artist with the highest BitTorrent downloads within a UK postcode alongside social media sentiment, as well as publishing the Digital Music Index report on the digital music landscape.
The products garnered huge appeal for marketers across the breadth of media industries, enabling them to identify and target the fastest growing markets.
Semetric’s founder and chief executive Gregory Mead, said the investment “will allow us to firmly establish Semetric across Europe and America”.
He added: “The ability to analyse complex data in real time is becoming essential across business. As the entertainment sector continues its shift towards the digital sphere, understanding consumer trends, what drives revenues and being able to benchmark real time performance will become vital.”
Pentech Ventures’ Marc Moens said Semetric’s progress over the last two years and development of Musicmetric proved influential in doing the deal. Musicmetric, he said, “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.”
Jon Edington of Imperial Innovations, which has invested £37.9m in 29 ventures since raising a fund of £140m in 2011, joined Semetric’s board as part of the deal. He said “the company’s data asset and its powerful processing capabilities are a model for big data companies” and pointed to the “depth of insight the accumulated data is capable of powering”.