The Echo Nest, a music intelligence company powering music applications for independent developers and media companies, announced it has raised $7 million in venture financing.
Matrix Partners led the financing with existing investor Commonwealth Capital Ventures also participating. The company plans to use the funds to support growth of its music intelligence platform and expand its team.
The company’s suite of APIs and developer tools enable a wide array of smarter music applications, including music discovery, interactive music games, remix apps and analytics-driven music marketing applications.
“Data drives the online music economy,” said Jim Lucchese, CEO of The Echo Nest. “With the strategic and financial support of Matrix and Commonwealth, The Echo Nest is in a great position to secure our position as the data engine for the music app economy.”