The Echo Nest, which sells technology used by various music apps, including MOG and Spotify, has raised $7 million in a new round of funding. Echo Nest’s ‘Musical Brain’ platform analyzes millions of blog posts, reviews, as well as tracks themselves, and provides the data to online music apps, which use it to build “smarter” music apps. For instance, MOG uses the technology to suggest playlists to users that include tracks similar to those that the user selects, while Spotify has hired Echo Nest in the past in order to provide better recommendations for what songs a user should listen to based on their listening history.
The company had previously raised $1.6 million in January from several prominent investors, including Donald McLagan, the former CEO of online analytics firm Compete. The latest round was led by Matrix Partners; existing backer Commonwealth Capital Ventures also participated. The company has ties to MIT, where its two founders met, and counts MIT Media Lab director Nicholas Negroponte as a backer.