Project ‘Daisy,’ the streaming music service built internally by headphone and speaker maker Beats Electronics, has received a $60 million investment round that it is using to spin out as a standalone company.
The news was announced in a written release from Beats, confirming a report on the funding by the Verge’s Greg Sandoval issued earlier in the evening (the Verge’s report did not include the spin-out.) Daisy, which is still being referred to in press materials as the internal code name for the project, is now set to launch in “late 2013,” according to Beats.
The $60 million funding round was led by billionaire Len Blavatnik’s Access Industries along with Marc Rowan, James Packer and entities affiliated with Lee M. Bass. According to Beats, these investors bring “significant expertise in music and subscription business.”