Music Mastermind, a developer of music creation products and software, today announced it has secured a first round of funding for $4.9 million from undisclosed angel investors. The funding will be used to further product development and finalize release plans to the public.

Music Mastermind emerged this year at the Consumer Electronics Show and provided several sneak peaks of its music creation products. Combined with software, the company uses video game like musical tools to help users create and record various tracks through a virtual recording studio. The process could best be described as playing Guitar Hero but creating your own musical track.

A CES recap by the LA Timesdecribes how a user can start by adding vocals, which the software auto tunes, then mimick drum beats and, finally, choose a guitar or bass to fill out the track.  The software combines and records the whole performance. A community aspect allows users to share and promote their tracks as well as let others add feedback.

Music Mastermind faces competition from popular games like Guitar Hero and Rockband and may fall short if users don’t have the desire to create their own original tracks. The company claims to be creating a new paradigm between video games and music, but one might think original music creators, like musicians and producers who might use the product, are a much different crowd than traditional video gamers.

The Calabasas, Calif. company was formed in 2008, has staff of 15 full-time technical and marketing employees and is planning on doubling its staff by mid-2010. Music Mastermind plans to release its first product at the end of this year.