SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Schematic Labs, a leading provider of mobile social entertainment applications and creators of SoundTracking, its flagship mobile music app for iPhone and iPod touch, has completed a $4.75 million dollar financing. This latest funding round was led by Accel Partners, the investors backing Facebook, DropBox, Spotify and StumbleUpon. Other investors include True Ventures, the lead investor in the first round of SoundTracking funding, and SoftBank Capital. The company will use the funds for hiring and new product development. SoundTracking, which launched in March, 2011, has grown to nearly 1 million users and is now the most shared social music service by people using Twitter and Foursquare.
The SoundTracking mobile application and service, created by Schematic Labs, moves beyond the playlist and enables you to share the soundtrack of your life. These musical moments, made up of snippets of music along with photos, locations and comments can be instantly shared with friends and followers across the social Web on Facebook, Twitter and Foursquare. In less than nine months since its launch, SoundTracking has become the fastest growing social music network on iOS and the Web.
Last month, the company released SoundTracking 2.0, in conjunction with Apple and Twitter to provide deeper integration with single-sign on, tweet sheet and artist-fan discovery features. The company plans on using its new capital to continue growing the engineering and design team to further develop the SoundTracking product and platform, while exploring other mobile application concepts. SoundTracking was founded by Steve Jang, CEO of Schematic Labs, who was previously a co-creator of social music pioneer imeem, and Matt Paul, CTO and co-founder of Schematic Labs, who was an early engineering director at StumbleUpon.
“Originally, SoundTracking was designed to give people a simple, yet powerful way to express themselves through music and share a vivid 'musical postcard.' Most of us have music moments every day, and we wanted to build an app that people can take out of their pocket to easily capture and share the soundtrack of their lives,” said Steve Jang, SoundTracking founder and CEO. “The response from music fans and iOS device users has been incredible so far, and SoundTracking has enjoyed not only strong growth but authentic context and real emotional engagement as well. We will continue to enhance the user experience and make sharing your musical moments deeper and more meaningful.”
"Companies such as Spotify and StumbleUpon have created exciting platforms for personalized media consumption and discovery with a simple user experience," said Sameer Gandhi from Accel Partners. "Schematic Labs and their unique SoundTracking service possess a similar vision around personal self-expression and discovery, or what they would call 'capture & share culture,' on mobile devices. We are delighted to support the talented and experienced team at Schematic Labs in reaching their potential as the leading developer of rich, emotional social experiences for mobile devices."
The SoundTracking App is available for free from the App Store on iPhone and iPod touch or at www.itunes.com/appstore.
About Schematic Labs
Schematic Labs is a San Francisco-based company composed of product engineers and designers who want to conceive, design and build fun and beautiful social applications for the mobile device. The company’s initial mobile application and community, SoundTracking, is the fastest growing social music app today on the iOS platform. Combining music, photos, and geo-location, SoundTracking is a fun, expressive and easy way to share the soundtrack to your life. The free social music application works seamlessly with popular social networks such as Facebook, Twitter and Foursquare and also with the iTunes Music store. SoundTracking has been featured as the "iPhone App of The Week" by Apple in the United States, Mexico, Brazil, United Kingdom, Germany and many other countries, and was also recently was selected as "App of the Month" by Billboard Magazine.
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London, New Delhi and Bangalore, as well as in China via its partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Actuate, AdMob, Agile Software, Alfresco, AMCC, Arrowpoint, Atlassian, BBN, Brightcove, Check24, ComScore, Etsy, Facebook, Foundry Networks, Gameforge, GlamMedia, Groupon, Imperva, Infinera, Interwoven, IronPlanet, JBoss, Kayak, Macromedia, metroPCS, OPOWER, Polycom/PictureTel, Playfish, Portal Software, QlikTech, Quidsi (Diapers.com), Rapt, Real Networks, Redback Networks, Responsys, Riverbed, SupportSoft, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, Wonga, XenSource and Zimbra. For more information, please visit the Accel Partners web site at www.accel.com, or find us on Facebook at www.facebook.com/accel
About True Ventures
True Ventures is the premiere early stage venture capital firm. We invest in the best people who are creating companies in proven high growth sectors of the high tech industry. Since inception in 2006, we have provided visionary Founders with a trusted, seasoned partner, and we actively facilitate a powerful community to help foster growth and innovation. For more information about True Ventures, please visit www.trueventures.com.
About SoftBank Capital
SoftBank Capital is an independent venture capital firm focused on early stage businesses addressing ubiquitous, social computing. The firm addresses opportunities that deliver socially driven content, services and applications across platforms and devices. SoftBank Capital offers entrepreneurs valuable experience and resources, including its close association with SoftBank Corp. in Japan. The firm's historical investments include Associated Content, Buddy Media, Danger, E*TRADE, GeoCities, GSI Commerce, Huffington Post, WebMD, and Yahoo!. SoftBank Capital has offices in Newton, MA, New York City and Buffalo, NY. For more information, visit www.softbank.com.