Mediachain, a New York-based developer of a blockchain platform that automatically connects media to its creator and information about it, raised a seed funding round whose amount was reportedly $1.5m.
Backers included Union Square Ventures, Andreessen Horowitz, RRE Ventures, Digital Currency Group, LDV Capital, Alexis Ohanian, William Mougayar, Kanyi Maqubela, David Lee, Mathieu Drouin and Brian Message.
The company intends to use the funds to further the open source development of the platform, and to build applications and services to make it accessible to everyone.
Led by Cole Brown, Yusef Napora, Arkadiy Kukarkin, Denis Nazarov and Jesse Walden, Mediachain is building an open library that automatically connects media to its creator and information about it.
Mediachain connects media to information, through the content itself. It combines a decentralized media library with content identification technology to enable collaborative registration, identification, and tracking of creative works online. In turn, developers can automate attribution, preserve history, provide creators and organizations with analytics about how their content is being used, and create a channel for exchanging value directly through content, no matter where it is.
Today, over two million images or related metadata records have been contributed to Mediachain by participating organizations including The Museum of Modern Art (MoMA), Getty Images, the Digital Public Library of America (DPLA), and Europeana and the company is inviting organizations, creators, and developers to join the community and contribute more data.
In turn, Mediachain will facilitate automatic attribution and discovery for all of them, to allow creators and organizations to receive analytics and information about how their content is being used across the internet.