Such might be the case today, following the announcement of San Francisco-based TuneUp Media, a developer of an add-on tool for Apple’s iTunes and the Windows Media Player programs that helps clean up missing data and blank album cover images in your digital music collection.
TuneUp raised an additional $2 million in Series C funding from previous investor IDG Ventures, it announced today, bringing the round total to $6.3 million from IDG and KPG Ventures.
“We like to think of ourselves as the Norton 2.0 of digital music, helping users clean up their collections, ” CEO and founder Gabe Adiv told me.
The funding comes a week after Pandora Media Inc., the Oakland, Calif.-based provider of Internet radio services, filed registration papers to go public in a $100 million offering. Pandora previously raised about $65 million in funding from Crosslink Capital, Walden Venture Capital, Granite Global Ventures, Greylock Partners, Labrador Ventures and others.
“Pandora is the new highlight, but there have been plenty of music categories to invest in,” says Phil Sanderson, TuneUp board member and managing director of IDG, which also has invested in music-related tech companies Olive and Spinner.com.
Sanderson, who previously was an investor at Walden, an early Pandora backer, makes a good point.
Prior to Pandora filing its S-1, the broad music tech category has seen a lot of activity lately.
Just last month, San Francisco-based RootMusic, which provides the BandPage Facebook app for musicians, raised a $2.3 million Series A round led by Mohr Davidow Ventures.
SoundCloud, a German-based provider of an audio distribution network, secured $10 million from Index Ventures and Union Square Ventures in December. Earlier this month, Rdio, a music subscription service, raised $17.5 million from Mangrove Capital Partners, Atomico, Skype and company founder Janus Friis.
Other recent music-related startups to rake in rounds of funding include terrestrial and Internet radio provider Jelli, music discovery site OurStage, social media check-in and recommendation company GetGlue, music fan activity analyzer Musicmetric and online music tuition side iVideoaongs, among others.
Plus, SkullCandy, which two years ago received a minority investment form New York-based Goode Partners, recently filed to raise $125 million in an IPO.
“The thought of a high-end headphone company going public years ago, before the iPod and all these other music companies, would have been unheard of,” Sanderson says.