Auction house Reverb International will raise $15 million to buy, manage and use acoustic instruments and other musical instruments in an auction in New Orleans.
Reverb will use the funds to develop and implement a new acoustic technology that will make the instruments safer for users, more durable and provide more options for the marketplace.
The instrument makers plan to sell more than 5,000 of the new instruments to musicians and the public.
The company is in talks with artists and recording artists.
“We are in a unique position to be able to partner with artists, to collaborate with them, and to take their music and their art and use it in the new world of digital music,” said Reverb’s president and CEO Paul M. Schoettler.
The company’s new technology will allow for the transfer of the instrument’s sounds and sounds from one system to another.
Schoettlers co-founder and co-CEO Dan Schreiber said in a statement that he was thrilled to work with the music industry to develop a new technology that can help musicians and artists share the music with the public and the world.
Reverb, which was founded in 1988, operates in New Jersey, Florida, Pennsylvania and New York.