Kobalt secures $60 million in funding from Google and Michael Dell

Since the music industry began in the early 20th century, musicians and songwriters have complained about paltry royalty payments for their creations. It’s not only the amount of money they complain about. It’s waiting for their money, sometimes for years. And it’s the music industry’s opaque and arcane reporting practices that leave artists with no clear idea whether they’re getting everything they are owed. Now, Google Ventures, the search giant’s venture capital firm, and Michael Dell, the founder of the namesake computer company, are investing $60 million in Kobalt — a New York company whose sophisticated computer system scours payment systems around the world to make sure royalty money ends up where it belongs. “I am super excited about this investment,” Google Ventures Managing Partner Bill Maris told The Times. “This is a real company with a real engine behind it.” According to Maris, Kobalt’s revenues are growing at an annual rate of 40%.