The AI music startup space is hotting up.
The acquisition came nearly a year after the AI-based platform that composes, arranges, orchestrates and produces original music, launched a GBP £4 million (approx. USD $5 million) seed funding round.
DAACI, established in 2017, employs music composition technology that generates musical elements and textures in real-time, catering to the specific requirements of creators.
Instead of relying on pre-recorded tracks or edited samples, DAACI’s innovative approach allows for the creation of new works through infinitely generated music.
DAACI’s acquisition of MXX and WiSL comes as the company now owns 60 granted patents, filed a further 20 patents and now employs 65 team members, raking in an annual revenue of GBP £4.88million.
MXX has developed and patented a range of AI technologies that revolutionize the connection between fans, artists, and their music.
“We’re forging ahead in collaboration, creating an ecosystem that integrates three decades of experience and research and bridges the gap between static and responsive music creation.”
Rachel Lyske, DAACI
MXX’s AI music editor has the capability to adapt tracks to match the duration of specific images and videos, aligning with beats, drum fills, and section boundaries. The smart music editing offered by MXX can integrate into any user-generated content (UGC) video creation application, introducing enhanced levels of music flexibility and fan engagement, DAACI said.
Meanwhile, the WiSL platform streamlines the process of sourcing, editing, auditioning, and licensing music for various types of content. The platform claims to accomplish what used to take days or weeks in a matter of hours, minutes or seconds.
The platform also serves as a global marketplace for all music, built on a suite of AI tools that simplify the tasks of discovering, editing, auditioning, and licensing music.
Financial terms of the acquisitions were not disclosed.
Through the deals, DAACI says it propels the company further into the future of content creation. This advancement empowers artists and composers to meet any creative brief, customizing compositions to perfectly suit various experiences and occasions within the realms of gaming, digital worlds, XR, or VR, the company added.
“This is a milestone moment for DAACI. We’re forging ahead in collaboration, creating an ecosystem that integrates three decades of experience and research and bridges the gap between static and responsive music creation.”
Rachel Lyske, DAACI
DAACI celebrated the acquisitions through an industry event at the Abbey Road Studios in London, where the company provided demonstrations.
“This is a milestone moment for DAACI. I’m delighted to welcome MXX and WiSL to the team. We’re forging ahead in collaboration, creating an ecosystem that integrates three decades of experience and research and bridges the gap between static and responsive music creation,” DAACI CEO Rachel Lyske said.
Lyske said the company’s ultimate goal is to channel its ecosystem of technology “to create new paths for talented individuals to express themselves.”
“Whether you’re an experienced professional, a budding creative or anything in between, you can benefit from the processes and creative options generated by our system. I’d like to thank Abbey Road Red, the DAACI, MXX and WiSL teams and everyone involved for their incredible hard work and commitment. I’m excited for the possibilities these acquisitions bring,” Lyske added.
Julian Goodkind, CEO of WiSL, said: “We are delighted to be joining DAACI and their team on this exciting journey. They are at the forefront of this evolution and, together, have formed a unique and robust ecosystem which truly amplifies growth for both music makers and content creators.”
Goodkind also emphasized the crucial importance of ethical adoption and utilization of AI technology to ensures that songwriters, artists, rights holders, and industry professionals remain the driving force at the core of the music industry.
“WiSL remains committed to its objective of creating a marketplace for access and discovery for all music, driven by a suite of AI tools which is supported by the music and content creation industry, so that together we can create a new industry standard,” Goodkind continued.
Simon White, the CEO of the TMC2 Venture Studio, which has invested in all three businesses, said: “We have an exceptional track record in ground-breaking adaptive AI technologies for music and media and are thrilled to be continuing our journey as part of the world’s ultimate creative AI ecosystem.”
DAACI is doubling down on AI amid an industry-wide push to adapt to the changing dynamics of how music is created.
These efforts come amid a recent surge in the popularity of AI-generated songs featuring vocals that mimic those of real artists. These developments recently sparked a controversy in the music industry, particularly on copyright protection.
Music Business Worldwide