MatchTune, the music marketplace based on artificial intelligence (AI), has raised €3.5m ($4m) in funding from OneRagtime, BPIfrance, and angel investors. The company was founded in 2017 by composer André Manoukian and entrepreneur Philippe Guillaud, and was joined by CTO Igal Cohen-Hadria and music scientist Hervé Gourdikian in 2018. MatchTune's AI-based platform enables users to match their videos with licensed music from its catalog. The company has raised this fund to accelerate its commercial development and prepare a system for Verizon, the American operator, to sound live events.
OneRagtime is a European venture capital firm that invests in early-stage technology companies. It was founded in 2016 by Stéphanie Hospital, Henri de Bodinat, and Jean-Marc Patouillaud. The company aims to democratize venture capital by offering a platform that connects startups with investors. It has previously invested in companies such as Lunaphore, a Swiss medical technology firm, and Homelike, a German property technology startup.
BPIfrance is a public investment bank that provides financial support to French companies. It was founded in 2013 and is owned by the French government. The bank invests in a range of sectors, including innovation, digital technology, and industry. It has previously invested in companies such as Devialet, a French audio technology company, and Sigfox, a French IoT connectivity provider.
This investment is expected to help MatchTune expand its business and reach a wider audience. The company's platform has the potential to revolutionize the music industry by providing a more efficient way to source licensed music for video content. By partnering with Verizon, MatchTune will have the opportunity to showcase its technology to a large audience and potentially attract more customers. With this new funding, the company is well-positioned to continue its growth and contribute to the evolution of the music industry.