Ringo, which bills itself as “the world’s first independent sync metadata access point,” has announced the completion of a €350,000 (currently $383,000) pre-seed round.
The Amsterdam-headquartered startup formally disclosed the raise on Instagram today. Having arrived on the scene in 2021, Ringo offers customers song reports that it says provide “all the information” needed to license music for visual media.
Available at “a temporally lowered introduction price” of €60.50 (including a 21 percent VAT) a pop, these reports also direct clients to a “licensing service that you can access” in order to close deals for the use of the tracks at hand in film, television, gaming, or other visual-media projects.
Ringo, which was founded by musician Marcel Alexander Wiebenga (who serves as CEO) and Sizzer vet Nicholas van den Doel (chief finance and operations officer), sources data “from several websites around the world by making calls to their APIs,” the entity’s FAQ page shows. Additionally, the two-year-old operation says it has “direct links with rights holders, our own database, and the ability to crowdsource elements.”
Back to the specifics of the initially mentioned funding round, Ringo attributed the capital to a previously announced contribution from The Innovation Fund North-Holland as well as “a group of informals from the film world, ad industry, and music scene.”
“It’s standard practice to state that we’re humbled,” Ringo indicated of its newly detailed investor support. “Above all, we’re excited about the future and proud of the grit we show daily, while figuring out whatever curve ball comes our way as we work on a simple, safe, and stress-free sync music licensing ecosystem powered by AI and Web3 technologies.”
European tech-news outlet Silicon Canals published a piece on Ringo’s pre-seed round as part of its partnership with StartupAmsterdam and ROM InWest. According to the Amsterdam-based site, Ringo is developing its first product version with a particular focus on enhancing advertising sync.
Said product version is expected to launch in beta before 2023’s end, per Silicon Canals. Meanwhile, Wiebenga elaborated upon his vision for the company, calling out what he believes are “staggering” inefficiencies in the sync licensing space at present.
“Essentially, we’re building an information exchange that will make the buying process simple, safe, and stress-free,” communicated Wiebenga. “If you spend good money on a track, the buying experience should reflect that. This is obviously not the case at the moment.”
In June, Soundtrack Your Brand revealed a $15 million raise and a goal of “consolidating the fragmented background music market,” whereas Captions unveiled a $25 million Series B and outlined plans of expanding its AI-powered sync offering.