Media - Monday, May 1, 2006
Two New Net Music Startups Funded
Lightspeed Audio Labs today announced the closing of $1.25M seed funding, led by SAS Investors. Lightspeed is in stealth mode, and says it intends to raise $6-10M Series A funding within the year.
Although it remains in stealth, Lightspeed says it will facilitate music production between music enthusiasts via the Internet. "The Internet has dis-intermediated sales, marketing and distribution of the music business, but the key technical limitations of bandwidth, packet loss, and packet latency over the Web have hindered online music creation and collaboration."
The company was co-founded by Dr. Schuyler Quackenbush, a former AT&T Bell Labs principal researcher.
Meanwhile, Hudson Valley, NY-based PumpAudio has raised an undisclosed amount of Series A funding co-led by Greycroft Partners and High Peaks Venture Partners. This one is a digital agent for independent musicians and is looking to sell songs for advertising as well as for movies and TV.
Pump Audio's PumpBox - a Branded HardDrive Loaded With Its Artists's Songs
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