Total amount raised
$2.4 Millions
Latest funding date
03/01/2024
Location
Beatoven.ai has successfully raised INR 11 Cr and $1.3 Mn in pre-Series A funding rounds. The platform offers AI-powered music creation tools tailored for video, podcast, and game content creators.
Keep reading to explore the intricacies of Beatoven.ai's fundraising journey and the investors backing this innovative platform.
What Is Beatoven.ai?
Beatoven.ai, founded on June 23, 2021, by Mansoor Khan and Siddharth Bhardwaj, is headquartered in Bengaluru, Karnataka, India. The company operates in the AI, music, podcast, software, and video streaming industries.
With a small team of 1-10 employees, Beatoven.ai offers an AI-powered music generation tool designed for video, podcast, and game content creators. The platform provides features like text-to-music generation, genre/emotion-based music, and unlimited customization.
How Much Funding Has Beatoven.ai Raised?
- Seed Round
- Amount Raised: $55K
- Date: September 2021
- Lead Investors: Entrepreneur First
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-powered music creation tool.
- Seed Round
- Amount Raised: $1M
- Date: March 2022
- Lead Investors: Entrepreneur First, Redstart Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its user base.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: December 2023
- Lead Investors: Google
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage Google's resources for technological advancements.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: February 2024
- Lead Investors: JioGenNext
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support from JioGenNext for market expansion.
- Seed Round
- Amount Raised: ₹110M
- Date: March 2024
- Lead Investors: Upsparks, IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance user experience and expand the artist network.
Total Amount Raised: $1.355M + ₹110M
Current Valuation: Not publicly disclosed
Key Investors
- Capital 2B
- Details: Capital 2B is a venture capital firm that invests in early-stage technology startups. They are an existing backer of Beatoven.ai.
- Investment Focus Areas: Technology, AI, innovative startups
- Notable Investments: Not publicly disclosed
- Entrepreneur First
- Details: Entrepreneur First is a global talent investor that helps individuals build technology companies from scratch. They are known for supporting early-stage startups and entrepreneurs.
- Investment Focus Areas: Technology startups, early-stage innovation
- Notable Investments: Not publicly disclosed
- IvyCap Ventures
- Details: IvyCap Ventures is a venture capital firm that invests in early to growth-stage companies. They are a new investor in Beatoven.ai's recent funding round.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
- Upsparks Capital
- Details: Upsparks Capital is an investment firm focusing on early-stage startups. They are a new investor in Beatoven.ai.
- Investment Focus Areas: Technology, innovative startups
- Notable Investments: Not publicly disclosed
- Rukam Capital
- Details: Rukam Capital is a venture capital firm that invests in early-stage companies with a focus on technology and innovation. They are a new investor in Beatoven.ai.
- Investment Focus Areas: Technology, innovative startups
- Notable Investments: Not publicly disclosed
What's Next for Beatoven.ai?
Beatoven.ai is poised to capitalize on the burgeoning demand for AI-generated music by enhancing user experience and expanding its artist network. With plans to improve music accuracy and quality, and introduce new editing features, the platform aims to support at least 500 artists within the next two to three years. This growth trajectory is bolstered by a significant user base of over 1 million globally, with 96% of revenue coming from international markets.
Future fundraising opportunities appear promising, with the successful pre-Series A round suggesting potential for Series A and subsequent funding rounds. As Beatoven.ai scales, it may attract interest from larger tech or music companies looking to integrate AI music capabilities into their offerings. However, the company will need to navigate challenges such as maintaining the quality of AI-generated music, competing with other platforms, and scaling its operations to meet growing demand.
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