US-based digital content licensing platform Pex has secured $57m in a round featuring internet group Tencent and its music streaming service subsidiary, Tencent Music Entertainment.
Amaranthine, Cue Ball Capital and NextGen Ventures Partners took part in the round, which included unnamed returning investors of which TechCrunch identified Susa Ventures and Illuminate Ventures.
Founded in 2014, Pex has developed an online entertainment royalty attribution marketplace dubbed Attribution Engine. Rightsholders can register their audio and video recordings on the portal and set up how content creators can use the copyrighted data.
The deal came a year after the company acquired peer Dubset Media. The proceeds will go towards improving the Attribution Engine platform, company founder and CEO Rasty Turek told TechCrunch.
Pex had raised $7m in a seed round in 2017 led by Illuminate Ventures and backed by investors including music labels Universal Music Group and Warner Music Group, as well as Blibros Capital Partners and Susa Ventures.
