The Echo Nest, a music intelligence platform, has closed a $17.3 million financing round led by Norwest Venture Partners. Prior investors Matrix Partners, Commonwealth Capital Ventures, Fringe Partners, Jim Pallotta and board member Michael Brown also participated in this round. Jeff Crowe from Norwest will be joining the company’s board of directors.
This latest round of funding will help The Echo Nest further strengthen its market-leading position with a focus on international sales and marketing. The financing will also support continued development of ‘Fanalytics,’ data-driven solutions to better understand music fans.
The Echo Nest powers smarter music applications for media companies and independent developers, with a customer base that reaches over 150 million music fans every month. Over 340 applications have been built on The Echo Nest platform, says the company. A four-time National Science Foundation grantee, the Echo Nest was co-founded by two MIT PhDs. Investors include Norwest Venture Partners, Matrix Partners, Commonwealth Capital Ventures, and three co-founders of MIT Media Lab.
[Image courtesy: Echo Nest]