A16z-backed Arpeggi Labs Is Attempting To Raise $11 Million
- A16z-backed Arpeggi Labs is in search of investors to provide funding in the amount of $11 million.
- The music streaming platform Web3 has already amassed $9.1 million in funding from 21 investors.
a16z-backed Web3 music production business intends to raise $11 million. Arpeggi Labs has raised cash from 21 investors, according to paperwork filed with the US Securities and Exchange Commission (SEC). $9.1 million was raised.
According to a filing with the United States Securities and Exchange Commission (SEC), the new company has already raised $9.1 million from 21 investors. An inquiry for the company’s statement on the hike was not met with an immediate response from the business.
Arpeggi Labs which backed by a16z, is a startup company whose primary mission is to facilitate greater collaboration in the process of making music through the application of blockchain technology. In September, it was able to secure $5.1 million from several investors. According to the information provided by Crunchbase, its investors include Andreessen Horowitz (a16z), Electric Feel Ventures, the Audius Foundation, and 1Confirmation. Additionally, a number of musicians, such as Steve Aoki and Wyclef Jean, are among its backers.
Evan Dhillon, Kyle Dhillon, and James Pastan, who are the co-founders of Arpeggi Labs, told TechCrunch that the company’s infrastructure will foster a new kind of “remix culture” that would spread throughout the music business while the startup was raising its initial round of funding.
The new business venture provides users with a no-cost, in-browser digital audio workstation that lets them make their own music and sell it as an NFT. In addition to this, it makes it possible for musicians to distribute their work to be utilized by other people while ensuring that they are properly credited.
According to the website of the firm, the Arpeggi platform is constructed on top of a decentralized sound library that is referred to as the “Audio Relationship Protocol.”
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