Rock god Neil Young has garnered US$500,000 from an investment group to launch a new high-fidelity format for downloading music.Ivanhoe, a California-based company that lists Young as its CEO, got the money from 12 investors, according to a document filed with the US Securities and Exchange Commission.

The two-time inductee to the Rock and Roll Hall of Fame, who played in Crosby, Stills, Nash and Young before going solo, plans to roll out an audio system called Pono as a high-quality alternative to digital formats such as MP3.

He patented the name in July, saying he plans to provide “online and retail store services” for high-resolution downloadable music and “discs featuring music and video of music and artistic performance” – an aim which would see him up against Apple’s iTunes and Google Play, as well as a growing galaxy of music streaming services.