LANDR Raises $26M in Series B Financing to Further Develop its AI-Powered Creative Platform for Musicians
MONTREAL AND LOS ANGELES, CA, LANDR AUDIO INC. VIA CISION NEWSWIRE (JUL 16, 2019)
LANDR, the AI-powered creative platform for musicians, announced the successful closing of its Series B financing round today, 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 from the above mentioned group of investors. It will use this new capital to accelerate its growth, expand into new markets and further capitalize on its position as a leader in music AI. New products and innovation will also be a key area of focus, as LANDR continues to add powerful features to its platform.
“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,” says LANDR CEO Pascal Pilon.
Since launching in 2014, LANDR has revolutionized the music-making process, and made studio quality sound more accessible for musicians and audio professionals of all levels. This investment follows LANDR recently crossing the 2.5 million artist milestone, mastering, releasing and promoting over 12 million tracks for artists in 160 countries around the world. The company, which releases thousands of tracks weekly on platforms like Spotify, Apple Music and Amazon Music, also has an ambitious growth strategy in place for its distribution services.
“Shure is known for developing innovative products that support musicians and content creators as they hone their craft. We’re excited to be involved with LANDR and look forward to hearing the talented artists its new platform will help to shape,” says Brian Woodland, VP of Business Development for Shure.
“We are proud to support LANDR, a leader in the audio mastering sector, in order to give it the flexibility to develop the functionalities of its platform, seize expansion opportunities and consolidate its positioning in the market, both in Québec and abroad,” says Guy LeBlanc, President and Chief Executive Officer of Investissement Québec.
LANDR Audio recently ranked as one of the Top 5 Most Innovative and Fastest-Growing Companies in Canada, a distinction awarded by Deloitte’s Fast 50™ program, which celebrates innovation, rapid revenue growth and entrepreneurial spirit.
“LANDR shows great development potential and the Fonds de solidarité FTQ is proud to support a company that has an impact in two sectors in which it believes in, artificial intelligence and culture. Thanks to its promising technological platform developed here in Quebec, LANDR provides an innovative tool for creators and musicians around the world, and helps them push the limits of their art,” says Alain Denis, Senior Vice-President, Venture Capital Investments, Fonds de solidarité FTQ.
“LANDR provides strong leadership and influence within the artist community by democratizing great sound and providing much needed tools for musicians. Participating in the Series B transaction with other leading industry investors will help the company expand its footprint into new markets with new offerings, to become the undisputed technology of choice for the global music creator community,” says John Acquaviva, DJ and Partner, Plus Eight Equity Partners.
Beyond established industry investors, LANDR has also received significant contributions from music producers and artists. Top talent, including Hans Zimmer, Nas, Richie Hawtin, Pete Tong and Tiga, have contributed to building the company’s success. With a growing team of 75 employees and a presence in Montreal, Los Angeles, Berlin and Tokyo, LANDR is shaping the future of music.
LANDR empowers musicians to create and get heard. As a pioneer in big data and machine learning for the music industry, LANDR provides millions of independent artists and labels with a single space to learn about, collaborate on, master, release and monetize music online. Since launching in 2014, LANDR has consistently built tools that level the playing field for musicians, combining into a self-serve platform that is affordable and invaluable at every stage of the music creation lifecycle. To learn more about LANDR, please visit: www.landr.com.