by Erin Griffith, Pando Daily
Dave Stein knew nothing about code, startups, or running a tech company. Two years ago, he was a self-professed “club kid,” deeply entrenched in New York’s DJ scene in his role as a party promoter.
But he hated the fact that the amazing DJ sets he’d experience at parties couldn’t be legally published and shared online. He investigated the reasons behind it, realizing the problem was complex but not impossible to solve. All one had to do was identify each song within the mixes, track how long they’d been sampled, and figure out a way to pay the rights holders. It was like a slightly more advanced Shazam. And yet, it was something Turntable.fm, Spotify, 8Tracks, Soundcloud, Pandora, and YouTube hadn’t bothered to figure out, perhaps because they’d failed to recognize the opportunity.
Stein recruited an engineer to crack the code, got a desk at General Assembly, and rounded up $500,000 in seed funding from Governing Dynamics VC and angels under the name Dubset. But after a few months, he realized a few things:
1. The technology, dubbed “MixScan,” had uses far beyond what he originally imagined, and new lines of business were presenting themselves left and right.
2. The name Dubset was too similar to the music genre dubstep.
Today [April 25, 2012] the company relaunches as Thefuture.fm. Yes, it’s a streaming music site for long form DJ content, as Stein originally envisioned. But it’s also positioned to create a mini-empire within the growing world of DJ music.
Earlier this month, he quietly closed a bridge round of funding that puts the company’s backing at $2 million from angel investors from the VC and music worlds. An official Series A round is in the offing. [MORE]