TuneSat Raises $1.225 Million in Funding

TuneSat has raised $1.225 million in equity funding to help fuel its expansion. The current funding round is $3 million, according to an SEC filing dated March 21.
The company's audio monitoring technology tracks TV channels and websites around the world to track the use of its clients' music. Channels are monitored in 14 countries including the United States, United Kingdom, Germany, France, Spain and Italy. Clients use TuneSat reports to detect discrepancies in their royalty reports from performing rights organizations and instances of copyright infringement. The New York-based company was launched in 2009.
Tunesat's goal is to expand on the over 320 TV networks in 14 countries it currently tracks and expanding its Internet crawling capabilities to find more uses of its clients' songs, according to a company spokesperson. "With the new funding we're going to be able to get them more of their money even faster."
The company raised over $6 million in 2011 in a funding round led by General Electric Pension Trust. Previous investors and Scott Jones, the former CEO and Chairman of Gracenote, also participated in the round.
In the U.S., SESAC has partnered with TuneSat and pays royalties based on its detection data. German performing rights organization GEMA recently paid royalties based on TuneSat detection data for the first time.


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