Synchtank, a B2B SaaS company that provides asset and rights management and royalty accounting solutions for the music and media industries, today announces that it has completed a $5.8 million Series A fundraise. The round was led by Octopus Ventures, with participation from existing management and shareholders.

The value of music IP (intellectual property) has skyrocketed in recent years thanks to the increased global adoption of streaming and a myriad of digital channels. Goldman Sachs forecasts music industry revenue to reach US $142 billion by the end of the decade, a near doubling in value between 2019 and 2030. This is reflected in the booming rights acquisition space, with billions of dollars pouring into blockbuster deals each month.

But while this new ecosystem is set to propel revenues to record heights, it has also created unprecedented challenges for those tasked with managing the underlying rights and making sense of an explosion of data coming in from endless distribution channels. These themes were covered extensively in the company’s esteemed 2021 Drowning in Data Report and Royalties Summit, keynoted by Hipgnosis CEO Merck Mercuriadis.

Synchtank addresses these challenges with software that provides the backbone for any modern media company looking to unlock more value from their IP. With the commercial release of royalty accounting platform IRIS at the beginning of 2021, Synchtank now offers an end-to-end solution, from asset, metadata, and rights management to royalty collection.

Customers range from independent labels and publishers through to global enterprises such as Warner Music, NFL, Vice, and the majority of Hollywood studios amongst others. Integration with enterprise systems such as SAP and Salesforce is a key part of the offering alongside the certified high-security infrastructure.

As the product set evolves, Synchtank is seeing increasing demand for further feature development and ever-growing service delivery in both its core music and media segments. With significant opportunities growing in these sectors, plus new emerging sectors, the company is looking to strengthen its team, improve and expand upon existing services and features, and grow its customer footprint beyond North America and Europe.

Synchtank has been instrumental in integrating services that the industry typically uses from multiple vendors into one platform, simplifying procurement and support processes for its clients. This investment marks the start of an ongoing financial partnership with Octopus Ventures, enabling Synchtank to continue to build with partners to acquire, consolidate, integrate, and scale a fractured part of the ecosystem into high-value services for its clients and partners.

This latest investment round follows a total of $750,000 seed funding from management, shareholders, and Juno Capital Partners in 2020, bringing the total raised in the past year to $6.6 million.