AI-Powered Music Platform Aimi has raised $20 million in a Series B round of funding.
The fund raise was led by entertainment and media-focused investment firm Great Mountain Partners, which also holds what it says is “a significant stake” in Concord.
The round also saw participation from the technology-focused Founders Fund, whose portfolio ranges from SpaceX to Spotify.
Aimi says that its platform offers listeners “endless, bespoke experiences” created by DJs and producers “in collaboration” with the platform’s artificial intelligence.
Following a limited free period this fall, the premium service of Aimi+ will shift to a paid model, using blockchain technology and smart contracts to administer royalties and revenue to artists using the platform.
The startup explains that its technology was built by “deconstructing thousands of hours of recordings”, while consulting with a “myriad of professional DJs and producers”.
Aimi’s proprietary software works within creative parameters configured by each artist, and the platform says that it will soon expand its offerings even further.
Aimi says that it plans to use its new funding to introduce an “updated operating system with novel programming language”, as well as a new suite of desktop tools for artists and producers.
In recent weeks, Aimi has debuted exclusive experiences from producers like Cassy, DJ BORING, dBridge, Max Cooper, Roska, Seth Troxler’s Lost Souls of Saturn, Shanti Celeste, Soul Clap, Steffi, Tensnake and many more.
“NOW, AFTER SIGNING HUNDREDS OF ARTISTS AND RELEASING WORLD-CLASS MUSIC EXPERIENCES THAT TAKE LISTENERS ON A JOURNEY CRAFTED BY SOME OF THE TOP CREATORS IN THE WORLD, WE ARE READY FOR THE NEXT CHAPTER.”
EDWARD BALASSANIAN, AIMI
Aimi President & CEO Edward Balassanian, said: “When we founded Aimi we saw an opportunity to elevate the art of music with the science of technology.
“Now, after signing hundreds of artists and releasing world-class music experiences that take listeners on a journey crafted by some of the top creators in the world, we are ready for the next chapter.
“With the investment from Great Mountain Partners and Founders Fund, we can now make the vision of computational music accessible to tens of millions of creators around the world.”
“AIMI IS ONE OF THOSE RARE INVESTMENT OPPORTUNITIES WHERE THE COMBINATION OF TEAM, MARKET TIMING, AND DISRUPTIVE TECHNOLOGY COME TOGETHER AT THE SAME TIME.”
ALEX THOMSON, GREAT MOUNTAIN PARTNERS
Great Mountain Partners Co-Founder Alex Thomson, added: “Aimi is one of those rare investment opportunities where the combination of team, market timing, and disruptive technology come together at the same time.
“We are excited to work together with the Aimi team to focus on the company’s growth, and their vision of transforming the way music is created, consumed, and monetized.”
Source: Music Business Worldwide