19 November, 2021Print
Aimi Raises $20 Million in Series B Funding, Signaling Strong Embrace of Artist-Driven, AI-Powered MusicGreat Mountain Partners Leads Latest Round of Investments, With Participation From Founders Fund
New Offerings, Operating System & More Set to Debut on The Pioneering Generative Music Platform in 2022
Today, Aimi announces $20 million raised in a momentous Series B round of funding, marking the beginning of a brand new chapter for the groundbreaking generative music platform. Led by the entertainment and media-minded Great Mountain Partners, which holds a significant stake in leading independent record company Concord, as well as notable participation from the transformational technology-focused Founders Fund, whose portfolio ranges from SpaceX to Spotify, the investments from each firm signal an embrace of Aimi's immersive, artist-driven and AI-powered alternatives to traditional streaming.
"When we founded Aimi we saw an opportunity to elevate the art of music with the science of technology," says Aimi President & CEO Edward Balassanian. "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."
"Aimi is one of those rare investment opportunities where the combination of team, market timing, and disruptive technology come together at the same time," adds Great Mountain Partners Co-Founder Alex Thomson. "We are excited to work together with the Aimi team to focus on the company's growth, and their vision of transforming the way music is created, consumed, and monetized."
Defying the limitations of recorded music, and the long-established standards of static albums, songs and playlists, Aimi offers listeners endless, bespoke experiences created by their favorite DJs and producers in collaboration with the platform's artificial intelligence. Each of the dozens of Experiences currently offered by Aimi and its premium tier, Aimi+, features troves of an artist's unreleased material, sonic ideas and motifs in the form of one ever-evolving composition that changes whenever the user presses play, reanimating to one's own mood and real-time reactions.
In addition to delivering fans an entirely new way of listening to music, Aimi uses artificial intelligence to empower creators to present their work like never before, while maximizing time, cultivating new relationships with consumers and establishing new channels of revenue. Axios says, "The company's technology showcases the potential of AI to understand and create music, while demonstrating the value of keeping an expert human in the loop...The result is akin to a live DJ concert experience - a kind of AI Ibiza - but one created in a fraction of the time and essentially infinite in length."
Designed to amplify the spontaneous, intuitive and uniquely human elements of music, Aimi's AI technology was built by deconstructing thousands of hours of recordings, while consulting with a myriad of professional DJs and producers. Aimi's proprietary software works within creative parameters configured by each artist, and the platform will soon expand its offerings even further.
Through the resources generated by the Series B investments, Aimi is preparing to introduce an overhauled operating system with novel programming language, a new suite of desktop tools for artist partners and aspiring producers, the latest version of the platform's mobile app and more. Following its limited free period this fall, the premium service of Aimi+ will also shift to a paid model, using blockchain technology and smart contracts to administer royalties and revenue to all artists utilizing the platform.
In recent weeks, Aimi has debuted exclusive Experiences from world-building producers and tastemakers like Cassy, DJ BORING, dBridge, Max Cooper, Roska, Seth Troxler's Lost Souls of Saturn, Shanti Celeste, Soul Clap, Steffi, Tensnake and many more, with new artists introduced every week. Explore them all here: https://www.aimi.fm/artists
Aimi is a revolutionary breakthrough in generative music that will fundamentally change the way the art form is created, consumed and ultimately monetized. The platform delivers endless, immersive compositions that are crafted by artists, powered by artificial intelligence and molded by the mood of each individual user. For fans of electronic music, Aimi offers a new form of listening - one that is adaptable and ever-evolving.
About Great Mountain Partners
Great Mountain Partners is an investment firm with over $5 billion of assets under management focusing on the Media & Entertainment, Clean & Green Energy, Infrastructure, Financial Services and Blue Tech sectors. More information about Great Mountain Partners can be found at: https://www.greatmountainpartners.com
About Edward Balassanian
With more than 30 years of experience in the technology industry, Edward Balassanian has founded and funded numerous startups ranging from operating systems to consumer packaged goods. He most recently founded Aimi, the groundbreaking new music platform that allows fans to enjoy immersive listening experiences, while providing artists a new medium to create and monetize AI-powered music. In addition to Aimi, Edward has founded startups including BeComm Corporation, a pioneer in building operating systems for digital devices, Endanik - an IP centric incubator - Vital Juice and Strings Inc, among others. A graduate of the University of Washington with Distinction in Computer Science, Edward started his career at Microsoft where he worked from 1990-1995. He is the named inventor on over 80 patents in technologies ranging from gesture interfaces, networking, distributed processing, and digital music synthesis.
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