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(AllHipHop News) Music mogul’s Dr. Dre and Jimmy Iovine have officially launched a new streaming music service titled “Daisy” backed by $60 million in funding.

The pair’s company Beats Electronics secured the investment from Access Industries and a group of private investors, who will launch “Daisy” sometime in late 2013.

“Daisy” is being launched off of the streaming service MOG, which Beats Electronics in 2012 for an undisclosed sum.

[ALSO READ: Dr. Dre’s Company Beats Electronic Acquires Streaming Service MOG]

“Beats was always about helping people re-discover the magic in the experience of listening to music,” Jimmy Iovine said. “Now that we are well along the way to addressing the quality of audio playback with Beats headphones and speakers, Daisy allows us to re-introduce the same magic into the process of music discovery and consumption.”

In addition to being well capitalized, “Daisy” will benefit from the investment group’s years of experience in music and subscription-based services.

This investment group brings significant expertise in music and subscription business, complimenting and extending the advantages already bestowed upon “Daisy” from its close relationship with and initial investment from Beats.

“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,” said Access Industries’ Len Blavatnik. “I’m looking forward to taking on this exciting challenge together.”

Former Topspin head Ian Rogers will be Chief Executive Officer of “Daisy” and Nine Inch Nails frontman Trent Reznor will serve as the music service’s Chief Creative Officer.