Nova Scotia Journal

Wednesday, December 8, 2021

Aimi, the electronic music platform, has completed the 20 million Series B

Aimi CEO Edward Balassanian

Key Takeaways:

  • Aimi, an AI-powered music platform, has completed a $20 million Series B funding round led by Concord stakeholder Great Mountain Partners.
  • The two-year-old startup unveiled the multimillion-dollar raise this morning, which uses AI and artist-crafted beats to create music based on users’ preferences.

As previously stated, Great Mountain Partners led the $20 million Series B round, with additional investment from the Founders Fund of San Francisco, which has also funded Spotify, SpaceX, and Airbnb. According to the release, Austin-based Aimi became available for download via the App Store in late May 2020.

Intends to use the newest capital infusion to roll out an updated operating system, enhanced desktop tools for artists and producers, a new mobile app, and other “offerings.”

Furthermore, Aimi noted in the announcement message that “experiences” from Max Cooper, DJ Boring, Roska, and Shanti Celeste have debuted “in recent weeks.” On this front, Aimi+, the startup’s “premium service,” is appropriately poised to “shift to a paid model, using blockchain technology also smart contracts to manage authorities and revenue to all artists utilizing the platform,” execs said.

Aimi, an AI-powered electronic music platform

It will be interesting to see how Aimi attracts creators, especially given streaming services’ low per-stream royalty rates and ever-growing media libraries.

Similarly, the increasing number of songs, podcasts, and other audio-entertainment options available on major streaming platforms may cause people to explore more personal listening experiences in the long run. That said, music-streaming giants, including Spotify, are spending on artificial intelligence to the dismay of activists and fans.

Daniel Ek, the CEO of the Stockholm-based company, has invested $115 million in Helsing, an AI-powered defense company. In addition, Audioshake, an artificial-intelligence music-separation company, raised $2 million last month due to AI’s growing importance in the broader music industry.

Snafu Records, an AI-focused record label, raised $6 million in September from supporters including Agnetha Faltskog of ABBA.

Source: Digital Music News

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