Project “Daisy,” a streaming music service that was once internal to headphone and speaker maker Beats Electronics, has received $60 million in investments to launch as its own standalone company.

Tech Crunch reports that Daisy is set to launch in “late 2013” according to a written release from Beats, whose flagship product is Beats By Dre headphones.

Beats co-founders Dr. Dre and Jimmy Iovine will partner with Nine Inch Nails’ Trent Reznor, who will serve as Daisy’s Chief Creative Officer. Topspin founder Ian Rogers will be the company’s CEO.

Beats will also incorporate its $14 million acquisition of digital music service MOG, which occurred last year.

Rogers announced the product back in January.

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