Hitlantis Gets $1.5M Angel Round To Expand Music Site

Hitlantis said Monday it closed an over-subscribed angel investment of $1.5 million from investors including senior Nokia executives, JSH Capital Oy, Hasan & Partners, PM Ruukki Oy, Notion Oy, Rock Island Investment Oy, and T&T Enterprises Oy. The money will enable the Finnish music Web site to quicken development and expand into new market.

PRESS RELEASE

Hitlantis Maps Its Way to Closing $1.5m in Angel Funding
Series “A” Round of $4-7m Planned for Fall

Los Angeles and Helsinki (June 27, 2011) Hitlantis announced today that it has closed an over-subscribed angel investment of $1.5 million targeted to accelerating development and expansion of the company in key territories. Just this week, the company simultaneously launched a localized version for South Korea with other Asian markets coming soon.

In recent weeks, the company has witnessed a 40% surge in its user base after adding its iPad and iPhone music discovery app to the Apple App store, with an Android version entering the market by the end of summer.

Speaking from Los Angeles, CA, where the co-founder and VP, Timo Poijarvi, is meeting with major media entities, he commented, “This investment from prominent European investors is a critical validation, but even more encouraging has been the response we’ve received while meeting with top brands, and media companies in New York, San Francisco and presently in Los Angeles. It’s clear the future of content discovery has taken a radical – and much needed — leap forward with our advent, and we plan further innovation with our next itineration.”

Utilizing the best content discovery available, Hitlantis’ proprietary technology unites music lovers and indie music in a rewarding game-like community. The unique visual platform of Hitlantis transforms the content discovery experience prompting mainstream press like Fox News to call it “a better paradigm than Pandora.”

“Investing in Hitlantis was a meaningful opportunity for us. Their technology solves a major problem in the marketplace. With billions of apps, countless numbers of songs and videos, among other forms of content aimlessly flooding the market every day, we need a compelling and engaging way to filter and discover relevant new content, and clearly the Hitlantis visual browsing platform is that solution, which is already proving itself with music,” said Juha Tynkkynen, CEO of T&T Enterprises Oy, which is among the most successful independent TV producers in Scandinavia.

Hitlantis’ platform generates a new user interface paradigm merging visual exploration of content and consumer recommendation mechanics, showing instantly large collections and content popularity by relevantly linking social interaction from users and bands in this community.

Hitlantis’ user interface leads the paradigm shift to a visual, explorable map-like interface – beginning with music, but already experimenting with other types of content. It’s well known and acknowledged that while wildly popular, the iTunes storefront itself, for example, is a cluttered maze, and search engines and newspapers struggle with content discovery beyond their front page and endless lists of results. Hitlantis represents a fundamental shift forward in browsing content.

Investors participating in this angel round include private investments from senior Nokia executives, JSH Capital Oy, Hasan & Partners, PM Ruukki Oy, Notion Oy, Rock Island Investment Oy, and T&T Enterprises Oy, among other private individuals from the media and telecom sectors.

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About Hitlantis

Cognitive Maps’ Hitlantis offering represents a radical leap forward in content discovery process. Independent bands and artists upload their music to enter the Hitlantis universe to gain exposure represented in a graphical mapping interface that truly reshapes the media landscape. For more information, please visit http://www.hitlantis.com.