SphereTrax, an AI-based music licensing platform, has secured £100,000 in an equity funding round from the film and TV rights company Fintage House.
Founded in 2022, SphereTrax is a platform for filmmakers, ad agencies, video game developers and other creative industry workers to source music for their content uploaded by artists.
The Hereford-based startup was launched to give musicians, particularly less established ones, a way to put their work in the spotlight for creative uses without giving up the majority of the returns to record labels.
SphereTrax said that artists can keep up to 75% of royalties from music shared via the platform. For those sourcing music, the platform has search engine functionality to find relevant songs for each project.
“We are determined to change the music industry for the better by shaking up traditional licensing models and giving musicians more access and opportunities,” said Sefi Carmel, founder and CEO of SphereTrax.
“We are connecting them to big brands, producers, developers and creatives and will always pay them fairly for their work. In the process the end users of music will have easy and streamlined access to a wide, varied gallery of music from artists all over the world.”
Carmel added: “The investment from Fintage House will help us to bring this offering to more of the people that will benefit from it.”
Niels Teves, CEO of Fintage House, said: “We have traditionally supported the creators in the industries we operate in and we believe that Sefi and his team at Spheretrax make the creative and legal process of selecting, placing and clearing of music in audiovisual productions a seamless process to the benefit of all concerned”.
The investment follows a £250,000 round raised by the company from Jenson Funding Partners in March.