Ukrainian fund Vesna Capital has invested $1 million in the pre-investment round of San Francisco-based audio technology startup Submix. This will facilitate collaboration between musicians, producers and audio professionals around the world.
Domestic investment fund Vesna Capital has invested $1 million in a pre-seed funding round of San Francisco-headquartered audio technology company Submix. In addition to Vesna Capital, investors included Angel Invest Ventures, SCNE and TSIC. According to the startup's press release, this investment is a vote of confidence in a challenging investment landscape and growing tensions in the music industry due to the combination of AI and streaming payouts.
Funds raised will help accelerate Submix's mission to make collaboration easier for musicians, producers and audio professionals around the world, giving them improved access to earning opportunities. According to Submix co-founder and CEO Paul Jeschensky, this round of funding is an important vote of confidence in a difficult time for investment.
As Vesna Capital investment director Petro Sovyak-Krukovskyi explained, Submix creates software that will fill two gaps in the audio technology space at once. First, it will allow music and audio professionals to collaborate remotely in real-time, overcoming network delays. Secondly, the Submix software solution will enable users of different digital audio workstations to work together - a functionality previously unavailable to many.
