India-based Ai driven music-tech startup, BeatOven Ai has secured $1 million as a part of its seed round funding led by Redstart Labs (A Info Edge subsidiary), and from UK-based Entrepreneur First.
Beatoven.ai is an AI-driven music tech platform with a large variety of tunes and jingles that aids content creators and producers with soundtracks that are original, licensable, royalty-free, and cost-efficient.
The raised funds will be used for team expansion, collaboration with global artists, and music acquisitions, as well as for product development.
Speaking on the funding, Mansoor Rahimat Khan, Founder & CEO, Beatoven.ai said, “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.”
“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,” Khan said.
“The funds raised will help us create a highly customizable 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 utilized 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,” Siddharth Bhardwaj, CTO, Beatoven.ai added.
Commenting on the investment in music tech platform, Vivek Kumar, Funding Manager at Entrepreneur First said, “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 revolutionize 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.”
Further speaking on the funding round, Amit Behl, Partner, Info Edge Ventures said, “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 the emerging trends in this industry and can assist millions of creators in building high quality, engaging content.”