AI music startup on song with US$2.5m financing

AI music platform and Web3 startup Fireverse said it has raised US$2.5 million (HK$19.5 million) in a Series A financing round that values the local firm at US$30 million.

The investment was co-led by Nobody, also known as Moonbox, with support from OKX Ventures and the participation of T-Fund, BingX Labs, GateLabs, Chain Capital, TCC Capital, Central Research and Stratified Capital, the company said in a statement on Thursday.

Established in June, the Web3-based music platform, which employs artificial intelligence generated content, allows users to develop high-quality music and songs in less than five minutes, Fireverse said, adding that it has more than 1.3 million registered users and has generated more than 100,000 songs on its platform.

It has also acquired the licensing rights to produce music-based, non-fungible tokens with the intellectual property of classic Stephen Chow Sing-chi films – including such titles as Journey to the West: Conquering the Demons, Journey to the West: The Demons Strike Back and The Mermaid – from Moonbox.

The latest fundraising effort will fuel Fireverse's mission to revolutionize the AI-powered music space, enhance its music generation tools and expand its global user base, the startup said.

STAFF REPORTER