Finland-based internet music service Hitlantis has closed a $1.5m round of angel funding from investors including senior Nokia executives, as well as Finnish company PM Ruukki, T&T Enterprises and Hasan & Partners, the local division of UK-based management company Notion.
It was also backed by Finnish investment firms JSH Capital and Rock Island Investment, and additional private individuals from the media and telecom industries.
Hitlantis hopes to announce a series A round in the autumn, in which it is looking to raise $4m to $7m. The money will be used to accelerate development and expand the company’s reach into additional territories.
Unlike other online radio sites, such as Pandora, Hitlantis sorts independent artists and tracks, using a map-like visual interface which users can explore by genre, recommending music along the way. The more an artist’s music is downloaded, streamed and voted for, the closer they will get to the centre of the map and greater prominence on the site.
Timo Poijarvi, vice-president of Hitlantis, said: "This investment from prominent European investors is a critical validation, but even more encouraging has been the response we’ve received while meeting with top brands, and media companies in New York, San Francisco and presently in Los Angeles."
Although currently used for music, Hitlantis’ user interface could be adapted and applied to other content based service.