MUMBAI: Schematic Labs, a leading provider of mobile social entertainment applications and creators of SoundTracking, its flagship mobile music app for iPhone and iPod touch, has completed a $4.75 million dollar financing. This latest funding round was led by Accel Partners, the investors backing Facebook, DropBox, Spotify and StumbleUpon. Other investors include True Ventures, the lead investor in the first round of SoundTracking funding, and SoftBank Capital. The company will use the funds for hiring and new product development. SoundTracking, which launched in March, 2011, has grown to nearly 1 million users and is now the most shared social music service by people using Twitter and Foursquare.

The SoundTracking mobile application and service, created by Schematic Labs, moves beyond the playlist and enables you to share the soundtrack of your life. These musical moments, made up of snippets of music along with photos, locations and comments can be instantly shared with friends and followers across the social Web on Facebook, Twitter and Foursquare. In less than nine months since its launch, SoundTracking has become the fastest growing social music network on iOS and the Web.

Last month, the company released SoundTracking 2.0, in conjunction with Apple and Twitter to provide deeper integration with single-sign on, tweet sheet and artist-fan discovery features. The company plans on using its new capital to continue growing the engineering and design team to further develop the SoundTracking product and platform, while exploring other mobile application concepts. SoundTracking was founded by Steve Jang, CEO of Schematic Labs, who was previously a co-creator of social music pioneer imeem, and Matt Paul, CTO and co-founder of Schematic Labs, who was an early engineering director at StumbleUpon.

"Originally, SoundTracking was designed to give people a simple, yet powerful way to express themselves through music and share a vivid 'musical postcard.' Most of us have music moments every day, and we wanted to build an app that people can take out of their pocket to easily capture and share the soundtrack of their lives," said Steve Jang, SoundTracking founder and CEO. "The response from music fans and iOS device users has been incredible so far, and SoundTracking has enjoyed not only strong growth but authentic context and real emotional engagement as well. We will continue to enhance the user experience and make sharing your musical moments deeper and more meaningful."

"Companies such as Spotify and StumbleUpon have created exciting platforms for personalized media consumption and discovery with a simple user experience," said Sameer Gandhi from Accel Partners. "Schematic Labs and their unique SoundTracking service possess a similar vision around personal self-expression and discovery, or what they would call 'capture & share culture,' on mobile devices. We are delighted to support the talented and experienced team at Schematic Labs in reaching their potential as the leading developer of rich, emotional social experiences for mobile devices."