New York-based TuneSat, whose music market research usage reports let broadcast media companies monitor copyright infringement among other things, has raised a $6 million round. The funding was led by General Electric Pension Trust and included angels such as Scott Jones, the founder and CEO of ChaCha. Last year, TuneSat had raised a seed round of roughly $975,000 from angel investors.
TuneSat LLC, an audio fingerprinting technology company that enables music rights holders to track the usage of their music on TV and the Internet, announced today that it has raised over $6 million in a funding round led by General Electric Pension Trust, advised by GE Asset Management. Scott Jones, Founder and CEO of ChaCha and former CEO and Chairman of Gracenote, together with several existing TuneSat investors, also participated in the round. Jones and Carlos Monfiglio of GE Asset Management will join TuneSat’s Board of Directors. TuneSat will utilize the new equity capital to expand the global reach of its content monitoring services.
“We’re thrilled to be partnering with GE Asset Management and Scott Jones to help us fulfill our vision.”
“TuneSat is revolutionizing the music industry by giving content owners the tools and business intelligence to take total control of where and when their music is performed,” said Scott Schreer, CEO, TuneSat. “We’re thrilled to be partnering with GE Asset Management and Scott Jones to help us fulfill our vision.”
“TuneSat’s robust technology makes them an indispensable partner for content companies,” said Carlos Monfiglio, GE Asset Management. “We see this as a critical piece to the new media distribution landscape.”
Scott Jones added, “TuneSat’s ability to monitor the use of music in difficult audio environments is unparalleled, and this new equity financing will give the company a big boost to significantly expand its services.”
Founded by BMI award-winning “NFL On Fox Theme” composer and producer Scott Schreer, along with composer/producer Chris Woods, TuneSat provides rights holders with near-real time visibility into when and where their music is being performed on TV and the Internet. TuneSat utilizes a proprietary audio fingerprint technology and monitors hundreds of broadcasters and millions of websites across the globe. An intuitive web interface gives its subscribers unprecedented knowledge about their audio performances, even in the noisiest of broadcast environments. Using TuneSat data, content owners can ensure that they are properly paid for licensed music while protecting themselves against its unauthorized use.
About TuneSat LLC
TuneSat employs its exclusive audio fingerprint technology to deftly detect music use on television broadcasts and the Internet. Led by tech-savvy composers and producers Scott Schreer and Chris Woods, TuneSat detects music in even the noisiest of broadcast environments, including under dialogue, sound effects, or voiceovers, and provides unrivaled, accurate reporting to its clients. With a TuneSat subscription, access to worldwide detection data is available 24/7/365 through a secure online portal within an hour of its broadcast. Detailed reports provide valuable information about when, where and how much music was used. TuneSat is actively monitoring more than 200 channels in the US, UK, France, Germany and Italy, with more territories to come, and is crawling millions of websites daily. TuneSat LLC is based in New York City. For more information, please visit www.tunesat.com.
About GE Asset Management Incorporated
GEAM is a global asset manager wholly owned by GE, an advanced technology, services and finance company taking on the world’s toughest challenges. Built on an 80-year heritage of investment experience, GEAM, along with its subsidiaries, today manages approximately $122 billion (as of March 31, 2011) in total assets. Portfolios managed by GEAM and its subsidiaries include client assets for leading institutions around the world, and the $47 billion GE Pension Trust. Investment strategies are offered across all major asset classes, including U.S. and non-U.S. equities, fixed income, and private equity and other alternative assets. For more information please visit www.geam.com.