Leading online talent scouting platform Instrumental have raised £3m ($4.2m) to fuel “an aggressive growth plan”.
frtyfve’s parent company’s flagship product, TalentAI, monitor 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.
Instrumental has made the announcement following successful 2017 expansion from its origins as an artist development label, into a full SaaS platform, selling subscription licenses to the TalentAI dashboard and tools. The platform utilises Spotify and other social API data with applied AI processes to unearth fast-growing emerging artists and tracks. This approach is set to transform the way the music industry will operate in the future.
The funding 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). With the funding, Instrumental will significantly increase their investment in machine learning for ‘faster identification of high potential, emerging artists’. The company will expand its sales and marketing capabilities in the U.K. and North America to drive customer acquisition.
The need to use data in smarter and smarter ways is an inescapable part of the new music business.”
Conrad Withey (Instrumental CEO)
The company has also agreed a new 2-year exclusive partnership with UK based data science experts Foshpa - who helped design the first version of TalentAI. The A&R music scouting platform is already under license 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.
Instrumental was founded by ex-President of Warner Music Entertainment Conrad Withey – who has recently been announced as a guest speaker at The Great Escape Festival’s AI conference.
Instrumental CEO, Conrad Withey, commented:
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.”
Blenheim Chalcot will provide access to its support network that has helped build over 40 successful digital businesses since 1998, including ClearScore (recently sold to Experian for £295m), Agilisys, Salary Finance, Avado through to media and sports properties such as Rajasthan Royals IPL team.
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”.