In May 2023, BandLab Technologies secured $25 million in a Series B1 funding round, raising the company's valuation to $425 million. The platform, which is partly built on AI-driven tech, also runs an AI-powered tool called SongStarter and supports the Human Artistry Campaign, promoting the use of 'ethical' AI. BandLab has been expanding its suite of creator tools, launching a distribution service, a licensing service, and an early-access program for new creator tools and social features.
Key takeaways:
- BandLab, a social music creation platform, has surpassed 100 million registered users, adding 40 million users since January 2023.
- BandLab Technologies secured $25 million in a Series B1 funding round in May 2023, raising the company's valuation to $425 million post-money.
- BandLab has been expanding its suite of creator tools, including launching a distribution service, a licensing service, and an early-access program for new creator tools and social features.
- BandLab's users in the United States account for around 30% of the app's user base, and the company has partnered with Universal Music Group on a strategic relationship focused on artificial intelligence.