Kobalt Music, which uses a proprietary technology to speed up the collection of music royalties, has reportedly closed a $60 million Series C round of financing from Google Ventures and Michael Dell.
The New York-based Kobalt built algorithms to help musicians, who often have to wait for long periods of time for royalties, get paid for their work. This has increasingly been a problem in a world where music can be played anywhere at any time, across countless digital platforms.
The news was first reported by the Los Angeles Times.
Mike McCready is an entrepreneur at the crossroads of music and technology. He pioneered the introduction of Hit Song Science into the music industry and followed up with Music Xray, the company he co-founded and serves as CEO. His companies have been the subject of case studies at Harvard Business School, IESE and he frequently guest speaks at many of the top business schools around the world. He helps the music industry identify high potential songs and talent and helps musicians get deals, get fans, & get better: http://musicxray.com