AI-powered music scouting tool Andrson has closed a seed-funding round of €430,000, paving the way for the company to ramp up development and hire more staff.
Andrson uses analytics and artificial intelligence to connect unsigned artists directly with industry executives.
Co-founder Neil Dunne said the lack of funding had been holding the company back, with Andrson already securing contracts with record labels and agencies around the world, proving there was a desire for it in the industry.
“We needed this [funding] to get us to where we needed to be,” Mr Dunne said. “[The funding] is only as good as we make it. It’s a beginning.”
The stage two seed round was completed by Powerhouse Capital in conjunction with Continuous Ventures, and will allow the company to hire a team of data scientists and bring in a full time chief technology officer.
The majority of the funding will be put straight into development, which has been outsourced until now.
It marks the accomplishment of a funding goal for the company, which numbers among its supporters David Gogan, a former executive at record label EMI Ireland and son of DJ Larry Gogan. He has been acting as a mentor to the company.
Andrson chose to split the seed round in two, raising €120,000 last year from an Irish angel investor and family and friends.
“We are delighted to have successfully achieved our funding goal and look forward to our next stage of production and growth in bringing our product to the market,” said co-founder Zach Miller-Frankel. “The industry knowledge of our team and the support from Continuous Ventures leads us to have every belief that Andrson will become the global leader in digital A&R.”
The company has been approved for Enterprise Ireland high potential start-up scheme too, and is currently applying for match funding.
It is now seeking to raise €10 million in the next 12 to 18 months to help grow the company further.
Mr Dunne has also been nominated as Ireland’s Best Young Entrepreneur, with the regional finals taking place during the summer. The national winners will be announced in September.