Aimi president and CEO Edward Balassanian, whose company today revealed that it had completed a $20 million Series B funding round. Photo Credit: Ismael Quintanilla III
AI-powered music platform Aimi has announced the completion of a $20 million Series B funding round led by Concord stakeholder Great Mountain Partners.
The two-year-old startup – which uses AI and artist-crafted beats to create music based upon users’ preferences – unveiled the multimillion-dollar raise this morning. Great Mountain Partners led the $20 million Series B, as mentioned, with additional support from the San Francisco-based Founders Fund, which has also backed Spotify, SpaceX, and Airbnb.
Austin-headquartered Aimi, which became available to download via the App Store in late May of 2020, intends to use this newest capital influx to roll out an updated operating system, enhanced desktop tools for artists and producers, a fresh mobile app, and other “offerings” yet, according to the release.
Moreover, Aimi noted in the announcement message that it’s debuted “experiences” from individuals including Max Cooper, DJ Boring, Roska, and Shanti Celeste “in recent weeks.” And on this front, Aimi+, the startup’s “premium service,” is officially poised to “shift to a paid model, using blockchain technology and smart contracts to administer royalties and revenue to all artists utilizing the platform,” execs said.
Addressing his company’s Series B in a statement, Aimi president and CEO Edward Balassanian, who also founded Aimi-powered Passion Flower, said in part: “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.”
Especially given streaming services’ meager per-stream royalty rates and ever-growing media libraries, it’ll be worth following the results that Aimi achieves in terms of attracting creators. Similarly, the many songs, podcasts, and other audio-entertainment options that are reaching leading streaming platforms could prompt users to search for more personalized listening experiences in the long term.
That said, music-streaming giants including Spotify are likewise investing in artificial intelligence – to the dismay of some activists and fans. More recently, the Stockholm-based company’s CEO, Daniel Ek, invested approximately $115 million in AI-powered defense company Helsing.
Regarding AI’s expanding role in the broader music industry, artificial-intelligence music-separation company Audioshake last month raised $2 million, whereas AI-focused record label Snafu Records in September raised $6 million from backers including ABBA’s Agnetha Fältskog.
Eliminating the musicians from the music business is not far away
It’s amazing to see investment in the same ole stuff that hasn’t worked in the past. Predictive modeling, AI and other automated methods used to promote sales has fallen flat, yet continues to get attention. People will money just like to feel they are part of the music biz.