RadioandMusic
| 18 May 2024
AI music startup Beatoven.ai raises INR 11cr in Pre-Series A round led by Capital 2B and IvyCap Ventures
MUMBAI: Beatoven.ai India's first and only AI-driven, disruptive music tech start-up providing a platform for content creators to help them create royalty-free, affordable, easy to licence and original music, has raised INR 11cr ($1.3M ) in pre-Series A round. The round was led by existing investors Capital 2B, alongside participation from existing inventors Entrepreneur First and new investors IvyCap Ventures, Upsparks Capital, Rukam Capital, and several prominent angel investors.
 
The newly acquired funding will be strategically invested to fuel Beatoven.ai's growth across various aspects. Firstly, the company plans to enhance the user experience by continuously improving music accuracy and quality, while simultaneously designing intuitive editing features that empower users to fine-tune their soundtracks. Additionally, Beatoven.ai is committed to supporting independent musicians through their artist-friendly data sourcing program, which has been recognized for its ethical practices. The company also plans to build a world-class team specialising in research and development for music creation and composition. Finally, Beatoven.ai will leverage the funding to develop a scalable go-to-market strategy to reach and acquire new users on a global scale.
 
Speaking on the future plans for the company, Mansoor Rahimat Khan, Founder and CEO, Beatoven.ai, says, “We see immense opportunity in the market we are going after. Within roughly a span of a year of launch we have seen tremendous growth on our product reaching 1 million users with 96% of our revenues coming from global markets such as US, Europe and South Korea as well as presence for our product in 100+ countries. With the right team and technology, we strongly believe we can emerge as a global Gen AI leader coming out of India.” 
 
Recognizing Beatoven.ai's potential in building a successful Gen-AI music product, Amit Behl, Partner at Capital 2B, states, “Beatoven.ai understands that building a successful Gen-AI music product requires a deep passion for music and audio technology, not just advanced AI models. Their organic user growth is a promising sign, and we are confident they can emerge as a leading consumer Gen-AI product from India.”
 
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, says, "We at IvyCap Ventures are happy to associate with Beatoven.ai. Their innovative approach to music creation, leveraging AI technology, caught our attention. Beatoven.ai's commitment to providing a platform for content creators to produce original, affordable, and royalty-free music is commendable. We believe in their vision and the potential to revolutionize the music industry. With a talented team driving this initiative forward, we are confident in their ability to succeed and make a significant impact. We look forward to witnessing their continued growth and success in the future."
 
With over 1 million users globally and 96% of its revenue coming from international markets, Beatoven.ai has established itself as one of the top 3 players in generative music in the world based on website traffic and technology. This funding will fuel the company's ambitious vision of becoming a full-fledged music and sound effects creation tool for diverse content creators. 
 
Beatoven.ai offers a range of innovative features, empowering creators to produce high-quality music. Currently the users can input prompts for text-to-music generation, and is currently testing out multimodal inputs where a user can input video/images, text and audio references to generate a closely aligned music track.  The platform also provides granular control over volume, instruments and emotions. Beatoven.ai is committed to fostering a collaborative environment with artists. The platform has already established partnerships with over 200 artists and plans to significantly expand this network by collaborating with at least 500 artists within the next 2-3 years.