SphereTrax, a London, UK-based music licensing marketplace, raised £250K in funding.
The round was led by Jenson Funding Partners.
The company intends to use the funds to advance tech development, and sales and marketing efforts.
Founded in 2022 by Sefi Carmel, SphereTrax is a marketplace for high-end songs and soundtracks, which uses blockchain technology to ensure rights owners are notified and paid instantly, innovating the way music is placed, synced and licensed in feature films, TV, trailers, commercials, games, VR, AR and XR formats. For industry professionals, the search engine feature allows users to source tracks and samples swiftly and easily, whilst also being able to connect with the artists directly.
Users are also able to select from pre-set licences on the platform, with automated contracts and payment forms available to streamline the process for creators. SphereTrax uses Blockchain technology Bitcoin SV to ensure a transparent licensing process, meaning payments can be made in either cash or cryptocurrencies and withdrawn immediately. Users will also be able to purchase tracks as NFTs, securing outright ownership and increasing the value of the track over time for both purchaser and artist.
The company is currently in the pre-seed stage of development, with a forecasted launch date of April 1st 2023. Applications for composers are currently open, with 10,000+ tracks expected on the platform in the near future.
FinSMEs
21/03/2023