AI-powered audience-management startup Rivet has reportedly raised $500,000 in pre-seed capital – and relocated to Chicago – as it prepares to launch out of beta later in 2023.
Rivet’s half-million-dollar pre-seed round just recently came to light in a piece penned by the managing editor of Lagos-headquartered outlet TechCabal. (In keeping with what appears to be a growing trend, the release was published in its entirety on LinkedIn.)
And at the time of this writing, Rivet didn’t seem to have put out a formal announcement message on its website. But the company was founded in Boston by MIT alumni Anjolaoluwa “Anj” Fayemi (an artist and former BlackRock advisor who doubles as the startup’s CEO), Simran Pabla (head of product), and Nafim Rahman.
Since arriving on the scene in 2021, the self-described “fan management platform” has attracted north of “1,400 active creators and musicians,” according to the mentioned document, and these early users have as many as 8,000 followers apiece on Rivet. Free to use at present, the service plans to roll out freemium and premium tiers down the line.
Columbus-headquartered Drive Capital is said to have led Rivet’s pre-seed round, which reportedly drew additional support from The Hustle Fund and Boston-based Visible Hands. (Founded in 2021, the latter says that it’s “on a mission to highlight and invest in the limitless potential of overlooked founders.”)
As initially noted, Rivet has moved closer to its main investor by relocating to Chicago, per a regional report. Higher-ups reportedly intend to commence their company’s “out-of-beta” launch sometime this summer, once again, and have set their sights on garnering 20,000 active creators by 2023’s conclusion.
“I think it’s hot because there are a lot of tasks that could be made more efficient and a lot of time could be saved on the human side that AI could essentially take away,” Rivet CEO Anj Fayemi said of AI’s appeal to financial backers. “For us in the creator space, what we’re seeing is a lot of manual activities, like working in spreadsheets, are tasks that you shouldn’t have to do as a creative person.”
Moving forward, it’ll be worth closely monitoring artificial intelligence’s precise usefulness for artists on the non-creative side. Regarding AI’s impact when it comes to crafting music, however, many are sounding the alarm bell about the distinct possibility that rapid-fire releases will command the attention of undiscerning listeners at the expense of indie acts and art itself.