Digital music provider raises fresh £2m
Digital music creator Jukedeck has raised a further £2 million in a follow-on round led by Cambridge Innovation Capital.
BACKED VC and others invested alongside CIC which first invested in Jukedeck, with the University of Cambridge when the company raised its seed funding in 2014.
Jukedeck has just launched its first product, Jukedeck MAKE, and Chris Smart – formerly a director of Shazam Entertainment – has joined the board. Jukedeck MAKE creates personalised music at the touch of a button, using artificial intelligence. Users come to the Jukedeck site, choose a style of music and other settings (such as mood, speed and exact duration) and a new piece of music based on those specifications is composed in an instant.
The product provides video creators with an incredibly simple and quick way of sourcing royalty-free, original music which is tailored precisely to their needs. During private beta testing, tracks created by the software have already received 16 million views on YouTube.
Victor Christou (pictured), chief executive officer of Cambridge Innovation Capital, said: “We are thrilled that CEO Ed Rex and the Jukedeck team have been able use the machine learning tools developed within Jukedeck to solve the increasingly painful problem of sourcing unique, tailored music for video creators in a fast, simple and cost-effective way.
“This funding round further validates our initial investment and allows the business to launch its exciting product globally. With the support of CIC and the other investors we’re certain to be hearing much more from Jukedeck in the future.”
Ed Rex added: “CIC are the perfect partner for us. They spotted the potential in the technology and were able to provide funds to support our early growth alongside seed funding from the University of Cambridge. Now, they are following through and supporting us in our long-term vision as we grow into a more mature business.”
The Jukedeck software is capable of writing decent music completely on its own. Instead of using loops, it writes the music note by note, like a composer. Every Jukedeck track is unique, so there is no danger of the music popping up somewhere else. The user also has control over the music created so can create exactly the mood desired – and it is free from royalties.
Founded by Rex – a Cambridge music graduate – together with his business partner Patrick Stobbs who had previously worked at Google, Jukedeck was spun out in 2014 with initial funding from Cambridge Enterprise, the commercialisation arm of the University of Cambridge, Cambridge Innovation Capital and the University EIS Fund managed by Parkwalk Advisors.