Tencent Leads $57M Pex Funding Round
[UPDATED] Digital rights technology provider Pex has announced a $57 million investment round that includes= Tencent, Tencent Music Entertainment, the CueBall Group, NextGen Ventures Partners, Amaranthine along witth existing investors.
The new $57 million investment will help scale Pex’s Attribution Engine which creates a single marketplace for digital content.
“Attribution is vital to the Internet; it can help protect copyright without stifling creation,” says Pex founder and CEO Rasty Turek. “AE sets new standards in speed and scale and is the first platform capable of meeting today’s content growth and demands. It replaces unreliable upload filters and takedown requests with real-time use authorization and licensing, benefiting creators while recognizing and compensating those whose works are sampled and shared.”
“We live in a world where everyone is creating, mixing and remixing copyrighted works. But the ability to rapidly identify, attribute, and license them in real-time is the missing link to address the value-gap. Instead of fearing regulations, or finding loopholes to make them toothless, what if we relied on a better infrastructure for today’s Internet?” asked Pex COO Amadea Choplin. “If we could seamlessly compensate artists – if we could enable a culture of fair and universal attribution – then we could set the stage for a truly free and open Internet.”