The music industry has been struggling with the best way to manage digital rights and to make sure that for decades artists get the money they're due for the songs they write.
These days, there are tons of companies trying to solve the problem of managing, monitoring and paying musicians for the songs they make. The latest entrant into this competitive marketplace is HAAWK, which just scored $2.5 million in new financing for its technology.
Rincon Venture Partners, Wavemaker Partners, Frontier Venture Capital and Apex Ventures all participated in the company's latest round of financing.
HAAWK actually serves more than just music rights holders. The company is also working with film and television rights holders to ensure they get compensated for their work.
The company also acquired certain assets and intellectual property from Dart Music, which filed for bankruptcy earlier this year.
HAAWK tracks assets and delivers royalties for music and movies distributed on YouTube, iTunes/Apple Music, Spotify, Amazon Prime Music, Pandora, Google Play, TIDAL, Deezer and SoundCloud.
"The company is led by an experienced management team, fresh off an exit that yielded significant returns to investors. HAAWK provides products and services that solve complex challenges faced by today's media rights holders and the company's strategy for unlocking new value for content owners is one that we both appreciate and support," said Jim Andelman, the managing director of Rincon Venture Partners.
HAAWK was founded by Ryan Born, a serial entrepreneur whose previous digital rights business, AdRev/AudioMicro, was sold to Zealot Networks for $20 million. AdRev raised roughly $1.25 million before its sale.