AI Music Platform Aimi Raises $20 Million to Expand Premium Service11/19/2021
The service will shift to a paid model and give royalties to artists
Artificial intelligence-powered music platform Aimi on Friday said it raised $20 million in Series B funding led by Great Mountain Partners. Investment company Founders Fund, backer of SpaceX and Spotify, also participated in the round.
The Austin-based startup will next invest on revamping its operating system with new programming language, more tools for artists and producers and working on the platform’s mobile app. The platform started as a free product in the fall but will pivot to a premium service called Aimi+. The paid service will offer royalties and revenue to artists using the platform.
Aimi pitches itself as a personalized music platform that differs from traditional streaming. Instead it serves up music curated by artificial intelligence and artists recommendations. Some recent producers and partners that have joined include Cassy, DJ BORING, Max Cooper and Soul Clap. The electronic music compositions are based on moods selected for users, with some of the “experiences” including serenity, flow or chill.
“When we founded Aimi we saw an opportunity to elevate the art of music with the science of technology,” president and CEO Edward Balassanian said. “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. With the investment from Great Mountain Partners and Founders Fund, we can now make the vision of computational music accessible to tens of millions of creators around the world.”
The company was founded in 2019 by Balassanian, a tech veteran who also founded a startup BeComm Corporation and an incubator called Endanik.
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