Kobalt secures $60 million in funding from Google and Michael Dell

Kobalt Music makes it much easier for musicians receive royalties for their work in a timely manner, something that has become difficult in a world where people can listen to any music, any time, and place.  This technology has drawn the eyes of top-tier investors like Google Ventures and Michael Dell which have both led a $60 million series C round of funding for the New York-based company. 

Since the music industry began in the early 20th century, musicians and songwriters have complained about paltry royalty payments for their creations. It’s not only the amount of money they complain about. It’s waiting for their money, sometimes for years. And it’s the music industry’s opaque and arcane reporting practices that leave artists with no clear idea whether they’re getting everything they are owed. Now, Google Ventures, the search giant’s venture capital firm, and Michael Dell, the founder of the namesake computer company, are investing $60 million in Kobalt — a New York company whose sophisticated computer system scours payment systems around the world to make sure royalty money ends up where it belongs. “I am super excited about this investment,” Google Ventures Managing Partner Bill Maris told The Times. “This is a real company with a real engine behind it.” According to Maris, Kobalt’s revenues are growing at an annual rate of 40%.