US-based start-up accelerator Techstars Music is prepping its first class of start-ups with 11 outfits lined up to begin their innovation work at the Techstars studio on Los Angeles. That means collaborating with hundreds of independent mentors from all parts of the music business and the technology sector to get that music tech firm firing up.
Techstars Music launched last October to invest in the music ecosystem. Backing the three-month programme are a good number of big hitters, among them Warner Music Group and Sony Music, Q Prime Management, Silva Artist Management, Young Guru’s Era of the Engineer, Bill Silva Entertainment, Harmonix Music Systems and Sonos. They’re onboard to offer to finance, mentorship, business development and licensing opportunities to the start-ups.
The just-announced Class of 11 comprises Amper, Hurdl, JAAK, Pacemaker, Pippa, Popgun, Robin, Shimmur, Superpowered, SyncSpot, and Weav. And there’s a wide range of talents on offer here. Amper, for one, has an AI composer used for creating original content, while Robin provides a personal concierge for concerts and live events, and Weav supplies biometric-driven music to workout apps, dance studios and exercise equipment manufacturers.
Funding for each participant comes in the form of a $100,000 convertible note and $20,000 in cash in exchange for a 6% stake in the start-up firm.
Techstars Ventures is the venture capital arm of Techstars and has $265 million under management. Investments include Uber, Sphero and PillPack.