The music industry is feeling the pain of copyright issues, and royalties as rights holders are not paid out correctly, which is amounting to hundreds of millions of dollars in unpaid revenue globally. Audoo, a London-based music tech company is working towards a royalty revolution to ensure accuracy is delivered for artists, composers, labels, license payers, and royalty societies alike.
Audoo has raised £5.2M (approx €5.8M) in its Series A round of funding by Björn Ulvaeus – Swedish singer-songwriter, producer, a member of the Swedish pop group ABBA. Existing investors including Tileyard London also participated in this round. According to Audoo, the amount was raised in less than 10 weeks.