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Beatdapp Raises $3.2M and Appoints Heavyweight Advisory Board to Accelerate Deployment of Leading-Edge Music Technology
Wednesday, October 16, 2019Company Profile | Follow Company
Vancouver, BC, October 16, 2019--(T-Net)--Vancouver-based Beatdapp Software Inc., which uses a proprietary blockchain technology to authenticate digital content streams, today announced that they have completed a $3.2 million financing round.
This new capital will accelerate Beatdapp's market entry and deployment of leading-edge blockchain technology in the music industry.
The round was led by prominent early stage investor Panache Ventures, joined by funds Maple VC, 500 Startups, and Hike Ventures.
Andrew Batey, Co-Founder, Beatdapp Software
"Streaming has breathed new life into the music industry, where royalties are set to exceed $34B by 2030, so we were surprised to learn that there was no independent third-party verification system in place to foster transparency and ensure creative rights holders are getting their due," said co-founders Andrew Batey and Morgan Hayduk.
Pouria Assadipour, Technical co-founder and CTO, Beatdapp Software
Technical co-founder and CTO Pouria Assadipour continued, "Beatdapp has built a future-facing proprietary proof of authority algorithm and custom blockchain capable of handling over one million transactions per second. Achieving this scale is the only way to handle the throughput generated by global streaming services."
Beatdapp is a tracking system that authenticates, verifies, and validates every live music stream in real time. It helps labels and artists find up to 15% of missing music royalties by providing certainty that every stream from their catalog is being tracked accurately across all streaming platforms.
For streaming services, Beatdapp reduces the administrative burden associated with costly audits and helps to detect streaming fraud and bad actors.
Beatdapp also today announced a heavyweight Advisory Board with domain expertise and complementary skills to help support the company's intended growth into a leading international music technology platform.
Stephen Harper, former Prime Minister of Canada (Photo Credit: Wikipedia)
The board includes: Stephen J. Harper, Canada's 22nd Prime Minister; Sarah Scott, Managing Attorney at powerhouse entertainment firm LaPolt Law; James Villeneuve, Senior Advisor at Fasken and Former Consul General of Canada; Barry Shrum, General Counsel to the Nashville Songwriters Hall of Fame and Aly Madhavji, Managing Partner of the Blockchain Founders Fund.
In bringing together their esteemed Board, co-founders Hayduk and Batey added, "we sought to bring together an unparalleled team of experts with deep roots in music, technology, global business and leadership. We are delighted to be able to draw upon the collective wisdom and global network of our advisor team."
Beatdapp is a graduate of Creative Destruction Labs, 500 Startups Batch 25, Project Music Nashville, and was the winner of the Inventures Blockchain Breakthroughs Prize in 2019 and New Ventures BC 'People's Choice Award'.
About Beatdapp
We help music labels and artists track their songs to collect royalties. Beatdapp is a tracking system that authenticates, verifies, and validates media streamed in real time.
It reduces the tracking discrepancies between Digital Service Providers (DSPs) and rights holders, increasing royalty revenue for rights holders while limiting legal exposure to royalty lawsuits for DSPs.
Think of it like a PWC for music play count.
Accelerator Participation: -Creative Destruction Labs (CDL-West) -Prime Stream Alumni (2019) -500 Startups San Francisco - Batch 25 -Project Music Portfolio company (Nashville, TN)
Awards: -Winner of Inventures "Exploring Blockchain Breakthroughs" Competition (2019) -NACO Top 5 - Most Promising Startup of the Year (2019) -New Ventures BC Top 16 (2019)
We have a number of large label and distributor agreements.
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