Indymusic discovery platform from Finland, Hitlantis, this week closed a substantial angle round worth $1.5M. The team of investors include senior Nokia executives, JSH Capital Oy, Hasan & Partners, PM Ruukki Oy, Notion Oy, Rock Island Investment Oy, T&T Enterprises Oy, as well as other private individuals from the media and telecom sectors. The new funds will be used for product development and market expansion in 'key territories'. What those territories include was not stated but one can guess US is one of them. Asia is the other: Hitlantis recently launched a localized version of their service in South Korea and hinted that other markets would be opened soon. Moreover, unofficial sources claim the company plans a series A round of up to $7M for the fall.

Hitlantis offers free music streaming with an engaging user interface - 'a sea of bubbles' as it is often called. Bands are represented through bubbles whose size is determined by the band's popularity among the website's users and whose color varies depending on their genre.

Artists and music fans alike can create profiles on the platform, adding social dimension to the experience. For instance, bands can list on their profile other bands they like and users are listed as fans of the bands they liked.

Previously the service was only available in browser but Hitlantis recently launched an iPhone and iPad apps. As a result, their userbase increased by 40% within a matter of weeks. Android version will be coming to the markets by the end of the summer.

Hitlantis was founded in 2009 by Timo Poijrvi and Petri Kotro. Like many up-and-coming music start-ups, the company concentrates on independent artists that have not been signed to any label (which avoids the troubles of dealing with big labels).

Timo Poijrvi stated that Hitlantis currently has about 5,000 bands, about 200,000 monthly visits and their app has been downloaded almost 1 million times. Most of that traction comes from Europe (Finland, Belgium, Netherlands) though with the new funding the company is likely to sign in independent artists from US and other markets and create more traction there.

While using the service is free for bands and fans alike, Hitlantis makes money from premium band accounts and music sales. If bands would like to take part in live gig competitions or radio play possibilities, they'd need to pay a 5€ monthly subscription (discounts are available if one buys a long-term plan).

Fans can buy the songs they like. On top of the minimum price, fans can choose to pay extra for their favourite songs and help the band win some prizes. Bands get to keep 90% of the revenue. It has not been disclosed how many purchases have been made through the service or how many bands pay the premium subscription fee.