The Echo Nest Raises Over $17 Million In New Financing
July 12, 2012 at 7:00 AM (PT)
THE ECHO NEST has closed a $17.3 million financing round led by NORWEST VENTURE PARTNERS. Prior investors MATRIX PARTNERS, COMMONWEALTH CAPITAL VENTURES, FRINGE PARTNERS, JIM PALLOTTA and board member MICHAEL BROWN also participated in this round. THE ECHO NEST plans to use the funds to support continued sales growth, international expansion, and new product development. The company is also announcing major additions to its Fanalytics listener data platform in pursuit of even better understanding of music.
"We are thrilled to add JEFF CROWE and NORWEST to THE ECHO NEST team," said CEO JIM LUCCHESE. "NORWEST immediately recognized the enormous opportunity around applying a big data approach to music -- particularly in how understanding each online consumer's musical identity can enable a new world of deeply-personalized, social, and profitable applications. In addition, the firm brings a depth of experience in helping data-driven companies define and dominate their respective markets."