Decentralized music sharing protocol Audius raised $ 5.5 million in a Series A funding round led by General Catalyst and Lightspeed Capital, announced Wednesday.
The project seeks to use a blockchain platform to help artists control the music they share, according to a press release.
While a release date is not yet clear, the platform owned by the musicians would allow artists to publish their work and interact with their fans, rather than today platforms like SoundCloud work. However, Audius would give artists more control over their intellectual property than existing systems today, the release said.
The startup boasts consultants including the chief architect BitTorrent Greg Hazel, the co-founder of Augur Jeremy Gardner and the 3LAU musician, among others.
3LAU, who is in particular the director of a blockchain music festival at the end of this year, stated in a statement that it is important for artists to be part of content distributors.
"Artists need decentralized models for music sharing and participation in the platforms they contribute to." Blockchain allows Audius to do this with token and governance based on decentralized voting so that artists have a say in how the platform evolves – one that, as an artist, I find immensely appealing. "
The platform was conceived by musician Ranidu Lankage and co-founders Roneil Rumber and Forrest Browning, according to the publication. Also participating in the investment round are Kleiner Perkins, 122West, Listen Ventures and Pantera Capital.
Headphones and keyboard image through Shutterstock