The artist-controlled music-sharing platform company Audius has raised $5.5 million in funding from a number of investors led by General Catalyst and Lightspeed Capital.
Audius is developing a blockchain platform to give artists greater control over the music they share, according to the company’s press release.
Kleiner Perkins, Pantera Capital, 122West and Ascolta Ventures were the other investors in the first funding round. Audius said its blockchain is “based upon an open protocol that will live forever and is operated by a fully decentralized community of artists, developers and listeners collaborating to defend the world’s music.”
One of the participating musicians is music remixer 3LAU, who said the company’s decentralized blockchain model is “immensely attractive.”