The Bump iOS application has released a new feature that lets you share music. Bump version 2.2 allows users to select songs from their iTunes library and share it with friends by bumping devices together. Users will be able to listen ot the full tracks on YouTube or preview and buy them on iTunes.

It seems that whenever a company gets featured by Apple, they will immediately get funding after. Bump Technologies is no exception. The company behind the Bump application has received funding from Sequoia Capital according to TechCrunch. Jason Kincaid discovered that Bump’s logo was on Sequoia’s PowerPoint presentation slides at the StartupSchool event.

The funding is rumored to be about $3 million based on a $10 million valuation. The Bump app is free on iTunes making the valuation sound pretty interesting. Bump allows people to transfer contact information simply by bumping two iPhones together. Bump launched out of Y-Combinator. Bump Technologies was founded by David Lieb, Andy Huibers, and Jake Mintz in October 2008.

In the frequently asked questions portion of Bump’s website, the founders revealed how the app works which I found pretty interesting. Below is that excerpt:

There are two parts to BumpTM: the app running on your device and a smart matching algorithm running on our servers in the cloud. The app on your phone uses the phone’s sensors to literally “feel” the bump, and it sends that info up to the cloud. The matching algorithm listens to the bumps from phones around the world and pairs up phones that felt the same bump. Then we just route the contact information between the two phones in each pair.