Music-technology platform Songistry has announced the completion of a $5 million raise and doubled down on plans “to become one of the leading forces in the” sync licensing space.
Los Angeles-based Songistry today unveiled the multimillion-dollar round and its ambitious goals in the quick-expanding sync licensing sphere. Regarding the business’s offerings, roughly nine-year-old Songistry operates MDIIO (“pronounced MID-ee_oh,” higher-ups made clear), short for “music data intelligence in and out.”
In brief, the multifaceted MDIIO enables users to upload tracks, tailor their metadata (AI automatically infills categories like BPM, mood, vocal gender, and more), and share them (including on playlists) with others. The service also appears to function like something of a social-media platform specifically for members of the music community, so that these persons can connect, speak, and possibly collaborate on projects.
From MDIIO, creators can then export tracks to a newer product from Songistry, hyprAUDIO, a licensing service that uses AI to analyze audio (music supervisors can simply copy and paste links to songs on YouTube) and creates lists of similar works that are available for use in visual media.
Back to the details of Songistry’s $5 million raise, the company – which higher-ups say boasts “more than 100k ready to license copyrights” – will use today’s capital to build out its IP and core platforms, according to founder and CEO Justin Gray.
“This significant investment comes at a pivotal time,” said Gray. “As a fully funded company, we are planning to invest this capital directly into our IP and development roadmap including our flagship MDIIO platform as well as our newest product hyprAUDIO.
“We will expand on our mission by applying AI to redefine and disrupt how music is discovered and licensed for film, television, gaming and UGC. We will also be immediately exploring various M&A opportunities in both music and technology aimed at bolstering our current suite of services,” he concluded.
In another testament to artificial intelligence’s growing role in the music industry – and especially sync – Songtradr earlier this week announced its acquisition of AI-powered music-classification company Musicube. The involved parties emphasized that the latter startup “helps match music to content and a brand’s target audience.”
And in early May, SoundCloud bought AI music metadata company Musiio, which likewise analyzes, tags, and classifies songs. Musiio will allow SoundCloud “to further leverage its vast data to identify what’s next in music trends and talent,” execs said of the play.