Jeff Price's Audiam, a company that monetises cover songs on YouTube, has secured $2 million in funding from a group of investors.

The company launched mid-2013 to allow music publishers, labels and artists to monetise the use of their music on YouTube.

Names amongst the new investors include singer/songwriter Jason Mraz, Epitaph Records founder Brett Gurewitz, songwriter Jimmy Buffett, manager and music publisher Bill Silva, LA management firm GSO Business Group, software engineer Jonathan Siegel, author David Willen and composer ...