Beatoven.ai raises $1.3 million led by Capital 2B and IvyCap Ventures

GenAI in music: AI-driven generative music tech start-up Beatoven.ai has raised $1.3 million as part of a Series A round led by Capital 2B and IvyCap Ventures, the company said on March 18.

Existing investors participating in the round include Capital 2B and Entrepreneur First, while new investors who participated in the round include IvyCap Ventures, Upsparks Capital, Rukam Capital and angel investors.

Beethoven.ai will deploy the funds in fuelling growth across enhancing user experience, designing intuitive editing features for creators as well as in marketing and hiring, the company said in a statement.

Mansoor Rahimat Khan, founder and CEO of 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 1 million users with 96 per cent of our revenues coming from global markets such as US, Europe and South Korea as well as presence for our product in over 100 countries. With the right team and technology, we strongly believe we can emerge as a global Gen AI leader coming out of India.”

The GenAI music product has 1 million users globally, which it plans to grow to 5 million in the next 3 years.

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.”

With partnerships with over 200 artists, the platform aims to expand this network to 500 artists within the next 2-3 years. 

Users can input prompts for text-to-music generation in the app. It is also currently testing out multimodal inputs where a user can input video and images, text and audio references to generate a closely aligned music track.