The virtual concert venue's latest funding round followed investments in live music tech companies such as Mandolin and Lyte.
Andrew Dreskin's new technology company Flymachine has closed a new funding round, generating $21 million in funding with a diverse collection of investors that includes Red Light manager founder Coran Capshaw, music mega manager Bill Silva, Wasserman Music executive Marty Diamond, agent Larry Webman, Bay Area promoter Another Planet Entertainment and Ben Lovett of Mumford & Sons.
The Flymachine fundraising effort is just the latest in a large uptick in investments for new technology companies in the live entertainment space. On July 1, live-streaming startup Mandolin, led by chief executive Mary Kay Huse, announced that it had closed a $12 million Series A funding round. In December, festival ticketing technology company Lyte announced it had raised $33 million in Series B funding with Chamath Palihapitiya’s Social Capital, music industry legend Quincy Jones and Rocketship VC buying into the company led by founder and chief executive Ant Taylor.