Molten, an enterprise cloud platform built from the ground up, has raised $7 million (€6m) in total seed funding, with investments from top Hollywood and tech luminaries as well as venture firms to help the company further develop its solution and operations.
The seed round was led by Abstract Ventures; with participation from Ashton Kutcher, actor and Partner at Sound Ventures; and Michael Ovitz, co-founder at CAA and former President at The Walt Disney Company. Other participating individuals include Jack Dorsey, co-founder and CEO at Twitter and Square; Bill Ackman, CEO at Pershing Square Capital Management; Kevin Yorn, leading entertainment attorney; Steffen Naumann, former CFO at Axel Springer; Todd Ruppert, former President and CEO of T. Rowe Price Global Investments, and Henry Ward, CEO at Carta. Other participating venture capital funds include Lakestar and Valor Capital Group.
“While the media and entertainment industry is going through incredible growth, the increasing complexity of the various data streams demands modernisation of back-office operations. Molten’s cloud technology is the platform we need now to connect people, data and processes within media organisations,” said Ramtin Naimi, Partner, Abstract Ventures. “We are excited to invest in this business and support its mission to simplify processes and lower operating costs for the media industry.”
Ovitz added: “Molten is an essential innovation needed to equip media and entertainment companies to scale effectively in the global streaming era.”
“We exist to empower media rights-holders, such as production, distribution, and streaming organisations. They use the Molten platform to transform their businesses,” said Arjun Mendhi, CEO and founder at Molten. “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.”
“We value the opportunity to help our customers thrive in the rapidly changing media industry,” Mendhi continued. “We are thrilled to have the confidence and support of our investors and customers as we roll out the Molten platform more widely for film and TV companies everywhere.”