Online Music Network, a startup that aims to deliver music lessons over the Internet, is raising money again with a $512,292 in new funding, according to securities filings.
The Research Triangle Park company raised $900,000 in equity financing last summer. The latest funding effort is a mix of debt and options and could go as high as $750,000. Three investors have participated in the latest financing so far, according to filings.The company’s backers include Durham venture capital firm Intersouth Partners.
Online Music Network is the company that emerged from Zenph Sound Innovations. Zenph developed software capable of recreating musical performances with stunning accuracy. But the technology failed to generate enough traction in the market and the company shut down last year.
The Zenph technology was put to a new use with OMN. The Zenph Online Education Network, or ZOEN, aims to connect music students with music teachers via an online community. OMN now boasts a nationwide network of teachers offering lessons in piano, guitar, clarinet and voice, among others. Students can use OMN’s site to find a teacher and schedule a lesson. Besides the musical instrument, the only equipment a student needs is a computer with a high-speed Internet connection and a web cam.
(Note: Capital Broadcasting, parent of WRAL Tech Wire, is an investor in Online Music Network and was an investor in Zenph Sound Innovations as well.)
