Like any industry, the movie biz has grown increasingly techie over the years, allowing virtually every film and show to be streamed anywhere in the world on any device. While this easy access to entertainment is great in many ways, it also means fragmentation, disparate data, and all the operational and legal hurdles that come with rapid digitization.
Here to help with all that is Molten, a new enterprise cloud platform designed specifically for the media industry that can automate legal, content and financial operations.
“We exist to empower media rights-holders, such as production, distribution, and streaming organizations. They use the Molten platform to transform their businesses,” CEO and founder Arjun Mendhi said in a statement. “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.”
The industry already appears to have taken notice of Molten’s capabilities. Since its initial beta launch in 2019, the platform has onboarded customers from six continents, managing hundreds of millions of film and TV rights and hundreds of terabytes of content.
To help further scale its operations, the Boston-based startup just raised a fresh $7 million seed round, listing a slew of heavy hitters across Hollywood and tech as investors, including Twitter founder Jack Dorsey, actor Ashton Kutcher, and former Disney president Michael Ovitz.
Meanwhile, Abstract Ventures led the round, which appears to be the VC firm’s first foray into the movie industry.
“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,” Ramtin Naimi, a partner at Abstract Ventures, said in a statement. “Molten’s cloud technology is the platform we need now to connect people, data and processes within media organizations.”
