Synchtank raises $5.8M to expand music rights management platform
B2B music tech provider Synchtank has completed a $5.8 million Series A round led by Octopus Ventures.
Synchtank offers asset and rights management and royalty accounting solutions for the music and media industries. Customers include independent labels and publishers, Warner Music, the NFL, Vice, and the majority of Hollywood studios
With the release of its royalty accounting platform IRIS at the beginning of 2021, Synchtank offers an end-to-end solution including IP asset management, metadata, rights management and royalty collection.
This latest investment round follows a total of $750,000 seed funding from management, shareholders, and Juno Capital Partners in 2020, bringing the total raised in the past year to $6.6 million.
“We have come a long way as a company with phenomenal progress in the last two years taking the company far beyond its original sync-based business,” says Rory Bernard, CEO of Synchtank. “We now provide the backbone for any modern media company, encompassing every part of their software requirements. We are excited to be working with Octopus with their focus and commitment on a long-term strategy in the company, funding not only this current round but also building further finance rounds as music, media and broadcast growth continues to explode, presenting a wealth of opportunities”
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.