Technology commercialisation investment fund Imperial Innovations has taken part in a funding round for software company Semetric.
A new £3 million venture round for Semetric has seen the data collection and analytics software business receive £1.5 million apiece from Imperial Innovations and technology fund Pentech Ventures.
Imperial Innovations, which is listed on London’s Alternative Investment Market, is backing the technology firm, which is behind music analytics company Musicmetric.
Semetric’s software aggregates and analyses data from a multitude of online sources. Its Musicmetric product was its first to be launched and is now used by EMI and MTV.
Musicmetric allows record labels and music marketers to analyse, benchmark and compare artist performance, aggregating online data alongside conventional sales information.
Greg Mead, CEO of Semetric, says that the investment will allow the business to develop its technology platform and drive what he describes as the ‘similar success’ which it has seen across television and film analytics.
He adds, ‘We are pleased that Imperial Innovations have recognised the huge opportunities that exist in media analytics, and welcome their support at this exciting time for the business.’
The funding round is the first Imperial Innovations has taken part in since it backed software provider Acuna back in September 2012. It contributed £1.25 million of a £3.6 million round which also included Pentech Ventures.
Imperial Innovations CEO Susan Searle comments, ‘With a strong and experienced team in place, Semetric is poised to make an impact across a range of media verticals. We are delighted to be making this investment, our second alongside Pentech Ventures.’