UK-based Semetric, the data analytics firm behind musician analytics platform Musicmetric, has raised $4.7m from Imperial Innovations Group, which represents four of the top UK universities, and existing investor Pentech Ventures.
Semetric plans to use the investment to further develop its entertainment analytics platform whilst also expanding on a global scale with the intention of chiselling into the media analytics market, estimated to be worth $3bn annually.
The London-based firm adds to £1.7m ($2.67m) in previous investments, bringing its total venture funding to $7.4m.
Gregory Mead, chief executive of Semetric, said: “The ability to analyse complex data in real time is becoming essential across business. As the entertainment sector continues its shift towards the digital sphere, understanding consumer trends, what drives revenues and being able to benchmark real time performance will become vital. This new investment will allow us to firmly establish Semetric across Europe and America.”
Imperial said that it invested £1.5m ($2.4m) of the total £3m in the latest round. The deal will also see Jon Edington of Imperial Innovations will join Semetric as a non-executive director.
Edington said: “I’m excited to be joining the board of Semetric. The company’s data asset and its powerful processing capabilities are a model for big data companies. The depth of insight the accumulated data is capable of powering is very valuable as are the many other applications to which the data can be applied.”
Imperial Innovations invests in companies based on technology developed at or associated with Imperial College London, University College London, Cambridge, and Oxford University.
