Net Element (OTCQB: NETE), a technology services provider and Internet publisher, has received a $2m investment from Igor Krutoy.
The proceeds will be used to fund the launch – in July – of Music1.com, an online music destination and entertainment discovery platform for CIS countries.
Krutoy, an award-winning composer of nationally recognized soundtracks and founder and owner of one of the largest entertainment platforms in Russia, will become the chairman of Music1.com.
The website will enable users to discover music in new ways through Music Brain, NETE’s proprietary recommendation engine that matches visual cues with music playlists and users’ preferences.
Krutoy and his companies will contribute their music industry expertise, business contacts and capital. NETE will contribute its human, technological and financial resources, including its IP licenses for Music Brain, Launchpad (a multi-media management platform), and video streaming technologies.
NETE is a technology company that owns and operates several online destinations and has patents pending for music recommendation engines and playlist-building technologies.