The Echo Nest Corporation Secures First Venture Financing Round, Lead By Commonwealth Capital Ventures

    SOMERVILLE, Mass. and SAN DIEGO, Sept. 8 /PRNewswire/ -- The Echo Nest
 Corporation, a music intelligence company providing enhanced music search,
 recommendation and interactivity technology to online music companies,
 today announced its first round of venture funding led by Commonwealth
 Capital Ventures and select angel investors. Commonwealth will take a seat
 on the company's board of directors. The funding will enable The Echo Nest
 to build upon its innovative music intelligence platform and to expand its
 marketing, sales and business development efforts.
 
     The Echo Nest powers intelligent music applications for online music
 services, using its patented "Musical Brain." The Musical Brain combines
 large-scale web crawling, data mining, language processing and audio
 analysis to:
 
     -- Read about music, constantly crawling the web and analyzing the text
 on millions of web pages to understand what the entire online world knows
 about every artist, album and song.
 
     -- Listen to music, analyzing all of the music on the web to extract
 musical attributes such as key, tempo, rhythm, harmonic and timbral
 structures, understanding every song in the same way a musician would
 describe it.
 
     -- Understand music activity, applying advanced analytics to identify
 online music trends.
 
     This announcement comes on the same day as The Echo Nest's launch of
 the "Developer Nest" at the DEMOfall 08 conference. By opening access to
 the Musical Brain at developer.echonest.com, the Echo Nest is putting a
 comprehensive repository of easy-to-use tools in the hands of anyone
 looking to create or enhance a music website. These tools include in-depth
 artist information, music search, music recommendation, audio analysis
 tools, remix applications, mash-ups, and analytic tools. At DEMOfall 08,
 The Echo Nest will demonstrate a few of the groundbreaking applications
 powered by the tools available at the Developer Nest.
 
     "The Echo Nest is taking a comprehensive approach to a huge problem:
 helping online music services deliver a constantly evolving, more engaging
 experience and, in turn, increasing loyalty, site time and driving more
 revenue," said Elliot Katzman, General Partner at Commonwealth Capital
 Ventures. "We look forward to supporting The Echo Nest as it becomes the
 industry leader in providing this critical enabling technology to
 accelerate the growth of the already fast-growing online music industry."
 
     "With this funding and the support of Commonwealth, the Echo Nest is in
 a great position to dramatically improve the state of music search,
 recommendation and interactivity for any consumer-facing music service,"
 said The Echo Nest CEO, Jim Luchesse. "We chose to work with Commonwealth
 based on their proven track record supporting and building successful
 technology driven businesses. In particular, the addition of Elliot Katzman
 to our board brings 25 years of successful operating experience to the Echo
 Nest leadership team."
 
     About The Echo Nest
 
     The Echo Nest helps online music companies make connections between
 people and their music more meaningful through its "Musical Brain," a
 large-scale machine learning platform that actually reads about music and
 listens to music everywhere on the web. The company is co-founded by two
 MIT Media Lab PhDs, Brian Whitman and Tristan Jehan. The Echo Nest's is a
 three-time National Science Foundation SBIR grant winner and is funded by a
 number of leaders in the online music space. For more information, please
 visit www.echonest.com.
 
     About Commonwealth Capital Ventures
 
     Commonwealth Capital Ventures was founded in 1995 by a team of
 experienced venture capital investors. The firm focuses on software and
 services, Internet and digital media, communications and wireless, and
 instruments and systems investments. With more than $580 million of
 committed capital under management, the firm's partners have invested in
 roughly 140 high-growth companies. For more information, please visit
 www.commonwealthvc.com.
 
 
 

SOURCE The Echo Nest Corporation

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