CantaMetrix announced today it’s MusicDNA Technology for the identification and tracking of MP3 files online that will providing an "exact" accounting system for copyright holders.

CantaMetrix reports that Industry-wide adoption of CantaMetrix' MusicDNA registry and tracking method will allow the software to fill the gap in peer to peer accounting and identify their content usage across any network, thus allowing for proper payment for that use to copyright holders.

The methods which the software is reported to work are not that far different from competitive solutions on the market now, such as TunePrint">http://www.dmusic.com/news/news.php?id=3023">TunePrint & SonicPrint,">http://www.dmusic.com/news/news.php?id=3122">SonicPrint, allowing the identification of a piece of music by it’s audio sound print, or unique patterns of sounds.

CantaMetrix’s technology also allows consumers the ability to search out music recommendations based on personal guidelines such as tone, tempo, mood, energy, rhythm and similarity, which could prove quite interesting.

MusicDNA utilizes technologies that combined Digital Signal Processing (DSP) technology and psycho acoustic modeling to process each song. This method of sound-based searching is reported to be highly effective and efficient method of digital music identification.

"Obviously copyright protection is a seminal issue confronting the new economy at the moment and music is at the heart of the matter, With CantaMetrix MusicDNA the Napsters and Scours of the world can now account to the labels, artists and songwriters who have been shortchanged in the Internet economy. It's all about providing a revenue model for the industry that also makes sense to the artists." - Orn Group's Morten E. Astrup

CantaMetrix has also secured its second round financing led by two European venture firms -- Orn Group and Four Seasons Venture of Norway. The funding amount was not disclosed. Returning as an investor was Portland, Ore.-based Pillar Management, which participated in the company's $1.3 million first round. Among Orn Group's investors are financiers Arne Naess and Morten Astrup, who were named to the company's Board of Directors, and pop star Eric Clapton.