UK-based 7digital, a provider of white-label digital music services, has raised $10m in venture capital funding from a pair of undisclosed listed technology companies.
7digital’s revenues grew by 37% in 2011 to just under £8m ($12.8m), while the company cut its net losses from £675k in 2010 to £113k in 2011. The new funding will be used to help with the launch of 7digital’s new B2B platform and expand into new markets.New features for 7digital’s platform include scan-and-match lockers and streaming.
Following partnerships with Toshiba, Samsung, RIM and HTC, 7digital’s technology is now powering services preinstalled on more than 60 million smartphones.
Ben Drury, Chief Executive at 7digital commented: “We’ve seen phenomenal growth over the last 12 months across the 7digital open platform with millions of users across the globe using our services and hundreds of partners actively using our technology, 7digital technology has been integrated into millions of devices – we’re in smartphones, tablets, connected Hi-Fi’s and even in cars.”
“The demand for high quality, integrated music applications and services will continue in the coming year. Over the next 12 months, supported by our strategic partners, we’ll be adding more streaming, scan and match and other features of our API and open technology platform – not locked to any particular hardware or OS.
“The new capabilities will make 7digital the truly open music platform that provides access to the world’s music.”
7digital have also recently entered into a new agreement with BlackBerry maker Research In Motion that will see a 7Digital-powered music service integrated into the new BlackBerry operating system next year. 7 digital will also host HMV ‘s newly overhauled digital music store.