Beatoven.ai, an AI-driven music tech start-up providing a platform for content creators to help them create royalty-free, affordable, easy-to-license and original music, has raised $1 million as part of its seed round. The funds have been raised through Redstart Labs, a subsidiary of Info Edge and UK-based Entrepreneur First.
The funds raised will categorically be used in three ways. The first, to build a team and onboard some of the brightest talent in music technology. The second objective would be to collaborate with global artists and acquire music so that the platforms’ algorithm will constantly be fed with high-quality music data. The third would be product development for building the AI composition and production algorithms.
Mansoor Rahimat Khan, Founder and CEO, Beatoven.ai, says, “The funding will help us scale our business and will provide opportunities to over 2000 independent artists across the world. The interface has been built to help content creators, production houses, digital marketing firms, advertising agencies with AI-driven, user friendly, mood-based tunes and jingles for easy access to royalty-free music.”
He continues, “With this funding we will be able to imbibe various cultures of the music world into one system, making it a perfect amalgamation of western, traditional, classical and indigenous music merged into today’s Tech-driven digital revolution which will help us acquire more than 10,000 users by the end of 2022.”
Siddharth Bhardwaj, CTO, Beatoven.ai, says, “The funds raised will help us create a highly customisable AI-assisted tool which understands each user’s preferences and enables them to create the soundtrack they have in mind. Beatoven.ai has been built to streamline solutions for music composition, music production, background sound effects and songwriting. The recently raised funds will be utilised to help us patent our AI interface and our product algorithms. We are also building a huge library of training samples and composition elements through our artist partnerships.”
Vivek Kumar, Funding Manager at Entrepreneur First – also part of Beatoven.ai’s previous funding round – shares the following, “Mansoor’s background in Music and Siddharth’s experience in music tech makes them the perfect duo to build Beatoven.ai They are one of the many young and hungry founders coming together to build fantastic companies at Entrepreneur First. We know that Beatoven.ai will revolutionise how music will be created, composed, and consumed. There is a distinctive gap in the music tech space where the dynamic-duo are building a bridge for musicians, artists and composers. We see a rise of AI applications in music and we are looking forward to being a part of their exciting journey.”
Amit Behl, Partner, Info Edge Ventures adds, “As the move to Web3 gains more momentum, the creator economy shall continue to grow rapidly and so would the market for creator tools. The music industry has always been at the forefront of digital innovation and we believe that AI-powered music creator tools like Beatoven.ai nicely intersect with the emerging trends in this industry and can assist millions of creators in building high quality, engaging content.”
Beatoven.ai intends to build a collaborative environment for musicians and AI to co-exist and create monetisation opportunities for music producers, session musicians and instrumentalists.
The platform is user-friendly, and even individuals with little or no knowledge of music, with the help of AI, can create original soundtracks for their content. Moreover, the platform solves the music acquisition and licensing problem several content creators face today.
Beatoven.ai envisions imbibing various cultures of the music world into one system and empower content creators with distinct creative tools for easy access to royalty-free music. The brand has also built algorithms for region-specific music composition. The brand intends to scale this to music from other geographies, such as Arabic, Chinese, Korean, and Latin American music, among others.
The company’s vision is to build a collaborative environment for musicians and AI to co-exist and create monetisation opportunities for music producers, session musicians and instrumentalists. Therefore, the platform is backed by musicians who play an integral role in supplying music to the product. Beatoven.ai is a subscription-based program with three plans, USD 20/ month; USD 40/ month; and USD 100/month, catering to individual content creators, agencies, and production houses respectively.
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