Beats’ Daisy streaming music service gets $60 million from Warner Music owner Len Blavatnik

Beats Electronics’ Daisy streaming music service got a major boost on Wednesday thanks to a group led by Access Industries, the investment group run by Len Blavatnik. Access, which owns Warner Music Group, invested $60 million in the service, which was announced in January.

Daisy is set to launch later this year, reports Billboard. Beats co-founder Jimmy Iovine hired Nine Inch Nails’ Trent Reznor as the chief creative officer and Topspin’s Ian Rogers was named CEO.

“Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experiences of a music subscription service,” Blavatnik said in a statement.

Sources also told Reuters that Apple chief Tim Cook met with Iovine about Daisy. The two reportedly talked about a potential partnership, but the sources say that the meeting last month was “informational.” Spokespeople for Apple and Beats both declined to comment.

Beats was co-founded by Iovine and Dr. Dre and is best known for its stylish headphones.