Los Angeles-based Songistry, an AI-based music technology company, has raised $5 million.
The funding was based on a pro-forma $20 million valuation.
On Songistry’s website, the company describes itself as “a frictionless discovery and licensing engine that democratizes access to tv/ film, advertising and gaming licensing opportunities for music creators”.
It adds that its “workflows allow licensee’s to identify music with precision and accuracy using proprietary AI”.
Songistry says that this investment will allow it to further advance its growth strategy and aims “to become one of the leading forces in the Music Sync Licensing Industry”.
hyprAUDIO is claimed to be “the first of its kind” AI powered search engine exclusively designed to connect buyers and sellers of music for tv/ film, advertising and gaming.
Songistry says that it is currently has more than 100,000 “ready to license” copyrights.
“We will also be immediately exploring various M&A opportunities in both music and technology aimed at bolstering our current suite of services.”
Justin Gray, Songistry
Justin Gray, Founder and CEO of Songistry, said: “This significant investment comes at a pivotal time.
“As a fully funded company, we are planning to invest this capital directly into our IP and development roadmap including our flagship MDIIO platform as well as our newest product hyprAUDIO.
“We will expand on our mission by applying AI to redefine and disrupt how music is discovered and licensed for film, television, gaming and UGC.
“We will also be immediately exploring various M&A opportunities in both music and technology aimed at bolstering our current suite of services.”Music Business Worldwide