Gifnote Secures $6 Million in Funding for ‘Songbytes’ Technology

Audiobyte, the parent company of Gifnote, has recently announced the completion of a $6 million Series A financing round. The company confirms that this new investment will help it to build upon Gifnote’s engineering, search engine, and the continued deployment of its API.

The round was led by Evolution VC Partners, which is an investment vehicle owned by Gregg Smith, a well-known culture-tech investor. Smith has also joined Audiobyte’s Board of Directors. Other investors include Northwood Ventures, DJ Incubation (Digital Garage Group), Joi Ito’s Neoteny 4, Brett Berish, Andrew McKee, and Michael Shalett.

Audiobyte is working with the music industry to provide a social media-oriented tool called ‘Songbytes’. The company hopes that users will insert the byte-sized music clips into social and text messages to promote artists and drive music consumption. According to the parent company, people share 10 billion pieces of ‘byte-sized content’ across text and social channels. This includes emojis, stickers, and GIFs. The company wants to ensure people also share its technology.

Gifnote works with music labels, publishers, artist managers, artists, and backend reporting platforms to ensure compliance, thus avoiding costly lawsuits. This includes partnerships with Universal Music Group, Warner Music Group, and Sony Music Entertainment, which is no small feat (or a cheap one, for that matter).

The company bills itself as the “only fully licensed and compliant music messaging app and API”. This means that it is fully licensed to use music from major record labels, which is a significant advantage over its competitors.

The Series A financing round comes after two major recent appointments last month. Erin Johnson, J. Walter Thompson’s former Chief Communication Officer, has been poached by Gifnote and will continue in the same role at the company. She now oversees marketing at the company. Johnson had previously settled a lengthy sexual harassment lawsuit with WPP earlier this year.

In addition, Richard Johnson will serve as an Executive Advisor. He now leads the platform’s strategic partnership with the music industry, large-scale technology integrations, and business development efforts for its API. Johnson previously served as President of Qello, an OTT concert streaming service he co-founded.

The recent investment will help Gifnote to expand its engineering capabilities, improve its search engine, and continue to deploy its API. This will enable the company to provide even better services for its customers, which include music labels, publishers, artist managers, and artists.

Gifnote’s technology is unique and has significant potential for growth. As people continue to share more and more content across text and social channels, there is a growing need for high-quality, fully licensed music messaging apps and APIs. Gifnote is well-positioned to take advantage of this trend and become a leader in the space.

In conclusion, the recent Series A financing round is a significant milestone for Gifnote and Audiobyte. The new investment will help the company to build upon its existing strengths and expand its capabilities, providing even better services for its customers. With the continued growth of social media and messaging apps, there is significant potential for Gifnote to become a leader in the music messaging space.

Speaking about the financing round, Andrew Blacker, Audiobyte’s Co-founder and CEO, said,

“As a technology company, first and foremost, we will continue to invest in our patented and proprietary search platform and API and focus on creating deep value for the music industry and fans worldwide.”

 


 

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