Vancouver’s ​Beatdapp Software has completed a $3.2 million financing round led by Panache Ventures.

Beatdapp Software provides a real-time audited play count for song usage across streaming platforms. This allows music labels to accurately collect music royalties due.

According to Betakit, the $3.2 million combines both pre-seed and seed rounds, which included non-dilutive funding the company received in grants and awards. This was done because those rounds took place in quick succession within the past year.

Beatdapp’s innovation and potential has been recognized by six top accelerators, including Vancouver-based CDL-West, 500 Startups, and Project Music Portfolio. Earlier this month Beatdapp won the New Ventures BC Competition People’s Choice Award.

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“Streaming has breathed new life into the music industry, where royalties are set to exceed $34 billion by 2030, so we were surprised to learn that there was no independent third-party verification system in place to foster transparency and ensure creative rights holders are getting their due,” co-founders Andrew Batey and Morgan Hayduk said in a statement.

Along with the funding, Beatdapp also announced new members on its advisory board, including Canada’s former prime minister, ​Stephen Harper​.