Audiam has raised $2 million in its first funding round from big names in the music sector, according to Hypebot.
Jason Mraz, Jimmy Buffet, Bill Silva, Brett Gurewitz, and Bad Religion are the lead investors in the Series A round. Scott Schreer of TuneSat, Jonathan Siegal, GSO Business Group, and David Willen of Barnes & Noble also participated in the funding, the report detailed.
Hypebot cites Audiam Chief Executive Officer Jeff Price saying: "YouTube is a sponge, which if squeezed correctly, rains money. The challenge is to create a cutting-edge, first-of-its-kind technology system built for the new digital music industry that can be applied to the analog world of antiquated, complex and confusing copyright."
According to The Wall Street Journal (WSJ), the New York startup will use the new capital to get indie artists paid for posting their music on YouTube and to hire new staff. The company will also enhance its ability to monitor the royalties that indie artists should get from the video-sharing site, the report said.
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