TuneSat, a provider of broadcast and Internet performance tracking services, raised $6 million in a round of funding led by General Electric Pension Trust. Scott Jones, Founder and CEO of ChaCha and former CEO and Chairman of Gracenote, along 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.
The company plans to use the funding to build its team, continue software development expand into new markets, says founder and CEO Scott Schreer, a composer and songwriter who started the company to improve the way performances are tracked so rights holders can be paid. The company now has about 15 employees now, mostly in New York City with three consultants heading European business development out of an office in Germany, says Schreer. It's aiming for a head count in the mid-20s by 2012.
The New York City-based company has an audio fingerprint technology allowing rights holders to know when and where their music is being played. It monitors over 200 major TV stations and millions of websites around the globe to track performances for clients such as Universal Music Publishing, SESAC and Imagem Production Music.
TuneSat's value comes from its ability to help clients discern between what they have been paid for and what has actually been played. Its technology can locate a song through voiceovers, dialogue or sound effects. And with more online streaming media, there is more to track. "There are hundreds of millions of web pages that are streaming some type of content," says Schreer.
The technology can also guard against unauthorized uses of music. New clients usually finds a copyright violation within the first three months of using the service, says Chris Woods, executive vice president and chief operating officer.
Started in 2007, TuneSat was originally funded by MPCA. The company announced funding of $975,000 back in February.