US-based online music software developer Landr received $26m yesterday in a series B round co-led by consumer electronics producer Sony, microphone manufacturer Shure, Fonds de solidarité FTQ and Investissement Québec.
Music producer Warner Music Group and media company Slaight Communications also took part in the round, as did Yul Ventures and Peak Capital Partners. Sony joined the round through its corporate venturing unit, Sony Innovation Fund.
The financing includes a $7m convertible note from Investissement Québec and several undisclosed investors, with the additional $19m being invested in the form of equity.
Founded in 2012, Landr has developed software that allows music creators to automatically master their tracks by leveraging artificial intelligence and machine learning technology.
In addition to expanding into new markets, the company said it will use the capital to develop new products and features for its platform.
Pascal Pilon, CEO of Landr, said: “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.”
Warner Music Group led the company’s $6.2m series A round in 2015, investing alongside Real Ventures, Yul Ventures, Plus Eight Private Equity, HDGL and several private investors.