Audius wraps $5.5 million Series A

The startup, which is building a blockchain-based SoundCloud alternative, was co-founded by Ranidu Lankage, a Sri Lankan pop artist turned tech entrepreneur

Decentralised music sharing platform Audius has raised $5.5 million in a Series A funding round led by General Catalyst and Lightspeed Venture Partners, with participation from Kleiner Perkins, Pantera Capital, 122West and Ascolta Ventures.

One of the first participating artists in the venture is 3LAU. “Artists need decentralised models for music sharing, and a stake in the platforms they contribute content to,” he says. “Blockchain allows Audius to do this with tokens and decentralised voting-based governance so artists have a say in how the platform evolves. It’s a very elegant model and one which, as an artist, I find immensely attractive.”

“The music ecosystem is uniquely positioned for an exciting new entrant like Audius,” comments Adam Goldberg, Partner at Lightspeed Venture Partners. “They’ve truly built a world-class team of advisors and industry veterans. We couldn’t be more excited to work with their team to achieve their vision for democratised creative control.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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