Here is the latest report that The Echo Nest have raises $17.3 Million, It is a music intelligence platform company that provides music services to developers and media companies.
Recently the company announced that The Echo Nest is announcing two product enhancements to Fanalytics. First, Taste Profile Similarity is a new data service that gives applications and music services the ability to connect like-minded fans by determining their overall musical compatibility within a larger group.
It represents an enhancement to The Echo Nest’s Taste Profiles, a web service that builds in-depth preference profiles of every music fan on a given service based on each fan’s music collection, listening behavior, and other factors.
“We are thrilled to add Jeff Crowe and Norwest to The Echo Nest team.” said Jim Lucchese, CEO of The Echo Nest. “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.”
“The Echo Nest has distinguished itself as the clear market-leading data company focused on the most pervasive form of entertainment consumption: music,” said Jeff Crowe, Managing Partner at Norwest Venture Partners.
“We are very excited about the company’s business model of exploiting the data opportunity around music consumption, the team’s excellent progress in inking a steady stream of industry-leading customers, and the large market opportunity in understanding digital consumers’ musical identity on a mass scale.”
“More than any company I’ve seen in the last few years, The Echo Nest has done a terrific job of taking the core principles of the analytically-driven, successful web companies — big data processing, machine learning, and cutting edge information retrieval — and applied it to the digital music domain with a fury that has built a strong business that has everyone talking,” added Antonio Rodriguez, General Partner at Matrix Partners and The Echo Nest board member.
“It is an exciting time to be working with The Echo Nest,” said Elliot Katzman, General Partner at Commonwealth Capital Ventures. “Their customers integrate The Echo Nest’s innovative music intelligence platform into their own cutting-edge applications to enrich the listening experience of over 100 million fans every month. The company has continued to make excellent progress since our initial investment in 2008, and we are looking forward to even more exciting developments ahead.”