Standord's StartX has backed a $10m round for entertainment payment software developer Exactuals alongside the formation of a strategic alliance.
Exactuals, the US-based developer of a software platform that organises entertainment payments, has secured $10m in a series A round that featured Stanford University’s StartX Fund.
The round was co-led by financial services firm City National and VC firm TTV Capital, with further participation by S-Cubed Capital, Palo Alto Venture Partners, Skyview Fund, Strand Partners, Temerity Capital and various angel investors.
Founded at Stanford Graduate School of Business in 2011, Exactuals has built a platform called PaymentHub that makes complex entertainment payments such as royalties and residiuals more efficient while maintaining security and transparency.
The funding was raised as the company formed an agreement with City National and actors union Sag-Aftra that will enable the union to directly deposit residual payments to its 160,000 members, with City National handling the processing.
Martha Henderson, head of City National’s entertainment division, said: “We have a long history serving the financial needs of the entertainment industry and making sure the most innovative, high quality processes are available to all.
“This new relationship will allow professionals to get these very vital residual payments easier and quicker.”
– A version of this article first appeared on our sister site Global Corporate Venturing.
