Musical AI is one of the startups hoping to be the marketplace for AI companies to strike licensing deals with music rightsholders. Now it has raised $2.1m CAD (just under $1.5m at current exchange rates) of funding ahead of a separate seed round planned for the first half of this year.
Canadian VC firm Build Ventures led this initial round, with unnamed angel investors also involved. The startup is not just acting as a licensing broker, but has also built tech to analyse the outputs of its AI clients (the music their models generate) to accurately divide revenues between the inputs (the original music) that went into each of those new creations.
“Generative AI will need attribution, and we’re the first to master it and provide a secure platform that implements it along with industry accepted revenue sharing,” said its COO, former Beatport boss Matt Adell. For more on his views on AI music, read our report on the AI and licensing session at our recent Music Ally Connect conference, where Adell was a panelist.
