MOLTEN, a digital media startup based in Cambridge, has secured $7 million in seed funding to provide media companies with the means to modernize their internal operations.
The round was supported by important Hollywood and Tech personalities like 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; and Bill Ackman, CEO at Pershing Square Capital Management. Ramtin Naimi, a Partner at Abstract Ventures, referred to the firm’s participation in the round by stating:
“While the media and entertainment industry is going through incredible growth, the increasing complexity of the various data streams demands modernization of back-office operations. MOLTEN’s cloud technology is the platform we need now to connect people, data and processes within media organizations. We are excited to invest in this business and support its mission to simplify processes and lower operating costs for the media industry.”
Founded in 2018 by Arjun Mendhi, MOLTEN offers a cloud-based platform to improve how media companies license, distribute, and account for different revenue streams at a time when content consumption has completely changed but legacy tools have failed to adapt. By aggregating disparate data pipelines, the cloud-based solution makes it easy for organizations to work with their data, allowing the automation of processes without coding being needed. Mendhi said in this regard:
“We exist to empower media rights-holders, such as production, distribution, and streaming organizations. They use the MOLTEN platform to transform their businesses. Some can, for the first time, connect rights, content, and financial data to avail new revenue opportunities. While others can automate various internal tasks, and go from months of work to seconds of processing and reduce costs significantly.”
With an increasing number of streaming services and technologies like NFTs transforming how people consume content, the media industry has been in a race to adapt to one of the most innovative ecosystems. MOLTEN has already helped customers all around the globe to manage more than 200 million rights, representing hundreds of terabytes of data.