Schematic Labs, the mobile social entertainment applications firm behind SoundTracking, has completed a $4.75 million dollar financing round led by Accel Partners, with participation from SoftBank Capital and existing investor True Ventures. The company said it will apply the funds to growing the engineering and design team and developing products.
SoundTracking also reported having nearly 1 million users of its free app, who collectively share more than 6 million “musical moments” each day, making it the most shared social music service by people using Twitter and Foursquare; it can be used with Facebook, too. These “moments” are a snippet of music along with photos, locations and comments together in an instantly shared package.
The company released SoundTracking 2.0 last month, in conjunction with Apple and Twitter, enabling single-sign on and additional artist/fan discovery features. SoundTracking was founded by Schematic Labs’ chief executive officer Steve Jang and Schematic Labs’ chief technology officer Matt Paul. Jang previously was with social music pioneer imeem, where he co-created the playlist-focused social music service, until MySpace acquired and closed it in 2009. Paul was an early engineering director at StumbleUpon.
“Originally, SoundTracking was designed to give people a simple, yet powerful way to express themselves through music and share a vivid ‘musical postcard.’ Most of us have music moments every day, and we wanted to build an app that people can take out of their pocket to easily capture and share the soundtrack of their lives,” said Steve Jang, SoundTracking founder and chief executive officer. “The response from music fans and iOS device users has been incredible so far, and SoundTracking has enjoyed not only strong growth but authentic context and real emotional engagement as well. We will continue to enhance the user experience and make sharing your musical moments deeper and more meaningful.”
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