Semetric, the startup behind the Musicmetric analytics service, has secured a “significant round” of funding led by Pentech Ventures. Although the actual amount isn't being disclosed, when pressed Semetric says it's substantial enough to give the company a “well funded two-year runway”. The new investment will enable Musicmetric to expand its data collection infrastructure and applications, as well as grow the team.
In addition, Marc Moens, senior partner at Pentech will join the Board of Semetric, while Spencer Hyman, previously COO of Last FM, will join its Advisory Board.
The additional resources will allow Semetric to focus on extending its applications and services to the music industry, says the company, which currently includes powering Musicweek's weekly Artist Buzz Chart, as well as exploring other content sectors. Semetric's core proposition is to provide measurement and analytical tools to give clients a clear understanding of consumer behaviour and opinions online – a problem that with the rise of social media, everybody seems to be jumping on.
Specifically, the company's proprietary technology monitors consumer activity on social networks, P2P file-sharing networks, alongside reviews, comments, opinions and sentiment from “millions of other sources” across the web. This data is then displayed as interactive charts, available by subscription via the Musicmetric desktop application.