Molten, an enterprise cloud startup aiming to deliver a comprehensive set of insights for clients across several parts of the evolving streaming marketplace, has raised $7 million in seed funding. …
Arjun Mendhi, CEO and founder of Molten, developed the company after a stint as an engineer and product exec. His vision was to create a tool optimized for the streaming era that could combine information about licensing, distribution and accounting. Existing solutions have tended to treat each of those business lines separately. That, Molten believes, has led to fragmentation of operations, in turn limiting the ability of companies to scale and subjecting them to higher costs and legal risk.
The seed round was led by Abstract Ventures. Other participants in the seed round include Pershing Square Capital Management CEO Bill Ackman; entertainment attorney Kevin Yorn; former Axel Springer CFO Steffen Naumann; former T. Rowe Price Global Investments CEO Todd Ruppert; and Carta CEO Henry Ward. Other participating venture capital funds include Lakestar and Valor Capital Group.
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