Arjun Mendhi, CEO and founder of Molten, has developed the company through his duties as an engineer and product executive. His vision was to create a tool optimized for the streaming era that could combine licensing, distribution, and accounting information. Existing solutions tend to treat each of these business lines individually. Molten believes it leads to business fragmentation, limits the ability of a company to grow, and exposes it to higher costs and legal risks.
Molten says it has attracted customers from six continents since it was released in beta in late 2019. Today, the company states that it manages hundreds of millions of movie and television rights and hundreds of terabytes of content in hundreds of millions of dollars worth of catalogs.
The seed round was led by Abstract Ventures. Other participants in the seed round include Bill Ackman, CEO of Pershing Square Capital Management. Entertainment Lawyer Kevin Yoon; Former Axel Springer CFO Stephen Naumann. Former T. Lowprice Global Investments CEO Toddler Part; and Karuta CEO Henry Ward. Other participating venture capital funds include Lake Star and Valor Capital Group.
Molten “is a key innovation needed to equip media and entertainment companies to effectively scale into the global streaming era,” said Ovitz.
“The media and entertainment industry is growing tremendously, but as the complexity of various data streams increases, the back office operations need to be modernized. Molten’s cloud technology is for people within media organizations. , The platform we need now to connect data and processes, “said Ramtin Naimi, a partner at Abstract Ventures.
“We exist to empower media rights holders such as production, distribution and streaming organizations,” said Mendy, who also experienced the challenges of the modern streaming ecosystem as a musician and artist. .. “We value the opportunity to help our customers succeed in the rapidly changing media industry.”
Enterprise cloud startup Molten raises $ 7 million in seed funding from Ashton Kutcher, Michael Ovitz, Jack Dorsey and other backers – deadline
Source link Enterprise cloud startup Molten raises $ 7 million in seed funding from Ashton Kutcher, Michael Ovitz, Jack Dorsey and other backers – deadline