LANDR, the AI-powered creative platform for musicians, announced the successful closing of its Series B financing round this week, raising $26 million.
The round was led by Sony Innovation Fund, microphone manufacturer Shure, state-owned financing corporation Investissement Québec and Fonds de solidarité FTQ, with investments from Warner Music, Plus Eight Equity Partners, Slaight Communications, YUL Ventures and PEAK Capital Partners.
The company received $7 million as an initial convertible note from Investissement Québec and other investors, followed by an additional $19 million of equity.
It will use the new capital to expand into new markets and capitalize on the growing music AI market. New products and innovation will also be a key area of focus.
“Having the support of established music companies like Sony, Shure and Warner as well as music industry investors such as Plus Eight and Slaight is a vote of confidence, and marks the start of a new chapter for LANDR. This Series B will allow us to take our knowledge and expertise in music technology to new market shifting directions,” said LANDR CEO Pascal Pilon.
Source: Yahoo! Finance