By: J.R. Tyler (Janaury 4, 2012)

On Tuesday, January 3, Next Big Sound, a music analytics company, announced that they have accumulated a Series-A funding round of $6.5 million, which was led by Foundry Group and IA Ventures. According to billboard.biz, Alex White, CEO of Next Big Sound, asserted that the secured funds will aid the company in better understanding the analytics of social media data it provides for its users. “The rise in publicly available social media data has given need for better tools for understanding and acting on that data,” says White. "A few years ago, the savviest people in the music industry were doing all this by hand,” he continued.

Furthermore, White insists that the funding will also aid in the expansion of company. Currently, the company has only 10 employees and by opening an office in New York City would provide them with a more prolific talent pool to select from to improve their music analytic data. Additionally, the new office would put the company in closer proximity to their customer bases since the company is currently headquartered in Boulder, Colorado. "All of this has been done in finance and tech industries,” White verified.