Neil Young Raises $500,000 for Pono Online Music Format
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Neil Young, the rock singer who said he was prepared to brave “treacherous” venture capital markets to popularize his high-fidelity format for downloading music, raised $500,000 from an investment group last month.
Ivanhoe Inc., a Santa Monica, California-based company that lists Young as chief executive officer, got the money from 12 investors, according to an Oct. 29 regulatory filing. Young got clearance from the U.S. Patent and Trademark office in July to use the term Ivanhoe in connection with online music distribution.