Web3 music startup Arpeggi Labs is seeking to raise $11 million.
A U.S. Securities and Exchange Commission (SEC) filing shows the startup has already secured $9.1 million from 21 investors.
The company did not immediately respond to a request for comment on the raise.
Arpeggi Labs is a startup that is focused on using blockchain technology to make music creation more collaborative. It raised $5.1 million from investors in September. Its backers include Andreessen Horowitz (a16z), Electric Feel Ventures, the Audius Foundation, 1Confirmation as well as several artists including Steve Aoki and Wyclef Jean, according to data from Crunchbase.
When the startup raised its seed round, co-founders Evan Dhillon, Kyle Dhillon and James Pastan told TechCrunch that Arpeggi Labs’ setup would encourage a new type of “remix culture” to permeate the music industry.
The startup offers a free in-browser digital audio workstation that enables individuals to create music and mint it as an NFT. It also allows artists to share their music with others for reuse while guaranteeing attribution when the sound is used.
Arpeggi’s platform is built on top of a decentralized sound library called the “Audio Relationship Protocol, “according to the company website.