Molten, a Cambridge MA-based provider of an enterprise cloud platform for media companies, raised $7M in Seed funding.
The round was led by Abstract Ventures with participation from Lakestar, Valor Capital Group, Ashton Kutcher, actor and Partner at Sound Ventures, Michael Ovitz, co-founder at CAA and former President at The Walt Disney Company, Jack Dorsey, co-founder and CEO at Twitter and Square; Bill Ackman, CEO at Pershing Square Capital Management; Kevin Yorn, entertainment attorney; Steffen Naumann, former CFO at Axel Springer; Todd Ruppert, former President and CEO of T. Rowe Price Global Investments, and Henry Ward, CEO at Carta.
The company intends to use the funds to expand operations and its business reach.
Led by Arjun Mendhi, CEO and founder, Molten provides a cloud-based platform for media and entertainment businesses to manage rights, content and financial management. The technology connects disparate data pipelines to provide a connected infrastructure for process automation across the organization. Customized cloud apps powered by this data layer enable various teams across the organization to interact with their data and automations without any coding required.
Since first launching the beta version of the platform in late 2019, customers from six continents have already on-boarded, and today they manage hundreds of millions of film and TV rights and hundreds of terabytes of content for catalogs worth hundreds of millions of dollars on the platform.