The new investment will support Semetric’s global plans to expand over the coming year while further developing its entertainment analytics products. It follows previous investments totalling £1.7m. Jon Edington of Imperial Innovations will become a non-executive director of Semetric, joining Gregory Mead, Marc Moens and Jeremy Silver on the board.

Semetric’s main product, Musicmetric is a digital music analytics platform, used by record labels, managers, radio stations and music marketers to benchmark and compare artist performance in real time, via the Digital Music Index, an in-depth report on the digital music landscape. It also works with the BBC on a jointly developed app enabling fans to find the artist with the highest BitTorrent downloads locally by UK postal areas and NME magazine to develop real-time analytics for the forthcoming NME Awards in London next month.

Gregory Mead, chief executive of Semetric (pictured), said: “The ability to analyse complex data in real time is becoming essential across business. As the entertainment sector continues its shift towards the digital sphere, understanding consumer trends, what drives revenues and being able to benchmark real time performance will become vital. This new investment will allow us to firmly establish Semetric across Europe and America.”

Jeremy Silver, executive chairman of Semetric, added: “Big data is becoming more established every day. As our customers’ needs evolve, we are confident that our innovative products will support them and add value. Having firmly established the Musicmetric brand over the last two years, this new round of investment will allow us to extend our capabilities into new markets and new digital media sectors.”