AI Music Startup Beatoven.ai Raises INR 11 Cr in Pre-Series A The Bengaluru-based startup aims to use the raised funds to enhance overall user experience and develop a scalable go-to-market strategy.
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The AI music startup Beatoven.ai has raised INR 11 crore in a pre-Series A funding led by Capital 2B, with participation from Entrepreneur First, IvyCap Ventures, Upsparks Capital, Rukam Capital, and others.
In 2022, it had raised USD 1 million as part of its seed round from Redstart Labs, a subsidiary of Info Edge and UK-based Entrepreneur First.
With the money raised, the company plans to establish a scalable go-to-market strategy and improve the entire user experience.
Mansoor Rahimat Khan, Founder and CEO, Beatoven.ai, said, "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 one 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."
Launched in 2021 by Mansoor Rahimat Khan and Siddharth Bhardwaj, the AI-powered music tech startup fills a gap in the industry by providing music composers and content creators with royalty-free, reasonably priced, mood-based, music created using AI solutions the company develops.
The startup claims that it has already partnered with more than 200 musicians and that, in the upcoming two to three years, it intends to collaborate with at least 500 artists. With more than a million customers worldwide, the platform receives 96% of its revenue from international markets.
Amit Behl, Partner at Capital 2B, said, "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."
