We’re delighted to announce that we have closed a £3m funding round that will support an aggressive growth plan for 2018 and beyond. The round was led by the UK’s leading digital venture builder, Blenheim Chalcot, and included investment from music industry legend Bill Roedy (ex-CEO MTV International).
Our flagship product, TalentAI, monitors billions of data points each day from sources such as Spotify and other socials to deliver precise trend intelligence on emerging artists to the A&R and talent spotting teams in music labels, publishers, promoters and marketers.
With the funds raised, we will be significantly increasing our investment in machine learning for faster identification of high potential, emerging artists.
We have also agreed a new 2-year exclusive partnership with UK based data science experts Fospha - who helped design the first version of TalentAI. We will also be expanding our sales and marketing capabilities in the U.K. and North America to drive customer acquisition.
This growth drive comes off the back of a successful 2017 expansion, from our origins as an artist development label, into a full SaaS platform selling subscription licenses to the TalentAI dashboard and tools.
Licenses in 2018 with labels from all three majors (Warner Music Group, Sony Music Entertainment and Universal Music) and a wide range of indies – both in the UK, US and internationally – helped drive investor appetite in the growing market for data-driven artist discovery. This approach looks set to transform the way the music industry will operate in the future.
Blenheim Chalcot will provide access to its support network that has helped build over 40 successful digital businesses since 1998, including companies such as ClearScore (recently sold to Experian for £295m), Agilisys, Salary Finance, Avado through to media and sports properties such as Rajasthan Royals IPL team.
Instrumental CEO, Conrad Withey, commented:
“The need to use data in smarter and smarter ways is an inescapable part of the new music business. TalentAI is proving that big data doesn’t need to be a turn off to creatively driven executives in A&R and scouting roles and can transform their workflow and performance. With this funding round, we can focus on building better and better products for our existing and future clients.”
Instrumental Chairman and Blenheim Chalcot partner Charles Mindenhall added:
“BC backs ventures that are looking to disrupt the way industries work through tech and data. Instrumental is pioneering that work in the music business and we have been extremely excited to see the progress made in 2017 and to be participating in this next stage of expansion”.
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