Semetric secures £3m investment to expand Musicmetric and target new sectors
(M2 PressWIRE Via Acquire Media NewsEdge) Semetric Ltd, the global data analytics firm behind Musicmetric, has secured significant new financing from two key backers.
The 3 million ($4.7 million) investment comes from Imperial Innovations Group, the AIM-listed technology investment firm, and existing investor Pentech Ventures, a venture capital fund specialising in software investments.
It follows previous investments totalling 1.7 million ($2.7 million).
The new investment will support Semetric's global plans to expand over the coming year while further developing its entertainment analytics products. The current global market for media analytics totals around $3 billion annually.
Musicmetric is the world's leading digital music analytics platform, working with record labels, managers, radio stations and music marketers to benchmark and compare artist performance in real time.
In October, Musicmetric published the Digital Music Index, an in-depth report on the digital music landscape. Linked to this, together with the BBC they jointly developed a widely-acclaimed app enabling fans to find the artist with the highest BitTorrent downloads locally by UK postal areas.
The value of aggregating BitTorrent data in such detail - alongside social media trends and sentiment - is that it allows for a far greater understanding of how and where music is being consumed. This enables marketers across media industries to evaluate more efficiently which markets are growing the fastest and which strategies are proving the most successful.
Based in London and Los Angeles, Musicmetric already works on both sides of the Atlantic with all major record labels and leading media outlets, such as EMI, MTV and the Guardian.
The firm is also working with NME magazine to develop real-time analytics for the forthcoming NME Awards in London next month and will be launching a white paper at MIDEM in conjunction with the event's organisers.
Jon Edington of Imperial Innovations will become a non-executive director of Semetric, joining Gregory Mead, Marc Moens and Jeremy Silver on the board.
Gregory Mead, chief executive of Semetric, said:
"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. This new investment will allow us to firmly establish Semetric across Europe and America."
Marc Moens of Pentech Ventures, said:
"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."
Jon Edington of Imperial Innovations, said:
"I'm excited to be joining the board of Semetric. The company's data asset and its powerful processing capabilities are a model for big data companies. The depth of insight the accumulated data is capable of powering is very valuable as are the many other applications to which the data can be applied."
Jeremy Silver, executive chairman of Semetric, said:
"Big data is becoming more established every day. As our customers' needs evolve, we are confident that our innovative products will support them and add value. Having firmly established the Musicmetric brand over the last two years, this new round of investment will allow us to extend our capabilities into new markets and new digital media sectors."
Notes for editors
Semetric was founded in 2008 by Gregory Mead, Marie-Alicia Chang and Matthew Jeffery. The Chief Technical Officer, Jameel Syed, was a founding member of life sciences data and business analytics company InforSense. Its Executive Chairman, Dr Jeremy Silver, was previously Chief Executive of Sibelius Software and Vice President, new media at EMI Group in Los Angeles. Executive Vice President, Musicmetric North America, Daniel Savage was previously General Manager of Maverick records and has held positions at Atlantic, Island, and Hollywood Records.
Musicmetric is the trading name of the music analytics product line from Semetric Ltd, with offices in London, England and Los Angeles, CA .
Musicmetric tracks online trends in music and makes this data available to those working in the music industry. The data covers activity on social media, mentions and sentiment on news and blogs, sales and file sharing activity on the BitTorrent network. On the BitTorrent network Musicmetric geographically and anonymously tracks the number of downloads any artist or release gets to a city level, around the globe, every hour. The downloads measured are of actual content downloads (the target file - e.g. the mp3 files) of the torrent rather than the torrent file itself.
BBC and Musicmetric app: Piracy in your area
About Pentech Ventures
Pentech Ventures invests in companies developing and marketing software for applications ranging from e-commerce, social gaming and mobile advertising to software protection and software verification.
Imperial Innovations - www.imperialinnovations.co.uk
Innovations creates, builds and invests in pioneering university technologies addressing global problems in healthcare, energy, engineering and the environment. It combines deep understanding of science and technology with commercial acumen and strong investment expertise.
Innovations supports scientist-entrepreneurs in the commercialisation of their ideas by:
o leading the formation of new companies and providing facilities in the early stages
o providing significant investment and encouraging co-investment to accelerate the transition from R&D to products
o providing operational expertise
o helping to recruit high-calibre industry figures and experienced entrepreneurs as executive management and Board members
Innovations invests in companies based on technologies from or associated with four universities: Imperial College London; and Cambridge University, Oxford University, and UCL supported by its collaborations with Cambridge Enterprise, OSEM and UCL Business. These are the UK's leading research intensive universities, measured by research income.
By raising 140 million in January 2011, Innovations has been able to accelerate the making of, and increase the size of its investments. In the year to 31 July 2012, Innovations invested 37.9 million (2011: 35.1 million) in 29 ventures, and made 11 investments in new companies.
In its current portfolio of 78 companies, Innovations' most advanced assets include Circassia, which develops innovative vaccines for the treatment of a wide range of allergies; and Nexeon, a battery materials and licensing company which develops silicon anodes which extend the life and increase the capacity of lithium-ion batteries.
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