Start-up artist development agency Music Nation has raised a $5.5 million first round led by Greylock Partners ; Point Judith Capital also invested. Music Nation, described as “an online outlet designed to discover new and established musicians,” was founded in March 2006 by a mix of music and new media vets: Daniel Klaus, CEO; Lucas Mann, CMO; Kevin Ryan, chairman (former CEO, Double Click; current CEO.co-founder, ShopWiKi); and Peter Read.  An online competition to find new artists kicks off Jan. 29; the funding will be used to move beyond online. The company also has a new JV label with Epic Records: Original Signal Recordings, “designed with a focus on equity for artists and the utilization of new media – among other channels – to generate revenue and exposure.”