DART Music has completed a raise of $1.5 million, capital that will help the Nashville-based start-up continue its focus on changing how classical musicians organize and categorize digital distribution.
DART will soon file SEC documentation for the raise, according to company officials, who told the Post their seed-stage effort is complete. Now the focus will be on product development and growth, according to CEO Chris McMurtry.
DART's goal is to create and track classical music metadata, McMurtry (pictured) said. Like one of the ongoing themes at Project Music, the company’s mission is to allow classical musicians to maximize their royalties payments. DART bills itself as the first company to offer a fully automated distribution platform for classical music metadata.
“There’s not a way for an independent creator to get their music to an online store without giving up 50 percent of their royalties,” McMurtry said. “That was the organic journey that led us to start.”
DART is a recent graduate of Project Music, a music-business accelerator the Entrepreneur Center hosts.
The company, which ranks among the accelerator’s first graduating class, is noteworthy among early-stage ventures in Nashville due partially to its current partnership and past association with Apple.
DART Chief Marketing Officer Richard Jacobson stressed the company is comfortable with it focus on classical musicians.
“I wholeheartedly believe that doing the right thing and doing the profitable thing can be the same thing,” Jacobson said of a musical genre that is often overlooked and misunderstood. “That’s why DART exists and that’s what we are going to do.”
Cardiac technology company InvisionHeart is the newest tenant at the CET Life Sciences Center, a partnership between Cumberland Pharmaceuticals, Vanderbilt University and the state of Tennessee.
"We are very pleased to welcome InvisionHeart to the growing community of health care entrepreneurs at the CET Life Sciences Center," A.J. Kazimi, Cumberland Pharmaceuticals CEO, said in a release. "We are committed to helping build the biomedical segment of the health care industry in Middle Tennessee."
InvisionHeart raised $1.9 million last year and most recently hired Melanie Varin, formerly with GE Healthcare, to lead commercialization efforts. The company's devices allow health care providers to read and transmit real-time electrocardiogram tracings to cardiologists. The company is the sixth tenant at the CET Life Sciences Center.
"We are delighted to join the community of companies at the CET Life Sciences Center,” said Josh Nickols, President and CEO of InvisionHeart. “Our office is a great fit for the needs of a collaborative, team-oriented layout, as well as being suited to the requirements of a controlled manufacturing location. The center is conveniently located near the resources of Vanderbilt University, the Nashville Entrepreneur Center, and other healthcare companies that have supported development of the InvisionHeart ECG technology. This location and the second half of 2015 will be vitally important as we prepare for the introduction of our products to the market."
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