Our product/service is an AI algorithm capable of recognising any manifestation of any song. Our Value Proposition is for: Global collecting Societies (CMOs) & Digital Service Providers (DSPs) who are dissatisfied with the inability to identify most live music & UGC and tap into over $6B of unclaimed royalties/year. Our product is a fully compliant, agile recognition algorithm able to identify ANY manifestation of a song that provides Song recognition of ANY music content, on ANY stage – online & live. Unlike most of our competitors whose algorithms have limited ability due to their reliance on exact matching against previously seen recordings. Our technology is unlike anything on the market. Our MVP 1.0 is yielding 85%+ recognitions in this difficult area (over 35% better than any of our competitors). Our tech will enable the entire royalty ecosystem to be much fairer and efficient. Participating music creators & users will benefit financially and reduce significant administration. Our tech will be ever more important as UGC continues to grow. Our new emerging tech is truly disruptive with the potential to heal the music industry’s biggest problem. Our offering is totally global; we will always seek to find the best partners wherever they are located. As from Jun’21 we have successfully developed an incredible MVP 1.0 algorithm and currently raising £600k for our next development stage. We continue to receive awards and are in talks with Abbey Road’s "Red" Accelerator team. The idea came about while developing a concept in an accelerator for a new music ecosystem. This required an algorithm that identified live music & unofficial covers. When researching the concept, I quickly realised that there were no algorithms in existence that could confidently recognise live & unpublished music – and a massive problem that the music industry had not solved which meant that many music creators do not get paid fairly, if at all; especially in live and with UGC online. In addition, I was fascinated that a music recognition algorithm such as GraceNote was worth $560M when it sold to Nielson Holdings in 2017, employing 1,800+ staff. We started development of this new emerging technology in Sep’19 with £500k+ grant funding – the majority from Innovate UK. This allowed us to partner with Queen Mary (University of London) at the Centre for Digital Music – world-leaders in music informatics. They were keen to work on such an interesting concept and believed that it was capable of working. Previous to this interaction, whilst setting-up, I had a brief collaboration with CEMET (Centre of Excellence in Mobile & Emerging Technologies) here in South Wales where we were able to establish that our algorithm could indeed get what it wanted from the music audio data to develop a credible AI recognition solution. In addition, we established that using my specially designed concept would make the recognition ability significantly higher than anything in the marketplace. Despite Covid-19, we have moved from strength-to-strength. Most significantly, in early 2021 we were successful in an application to the Digital Catapult’s prestigious Machine Intelligence Garage’s Creative Cohort. In addition to access to over £200k of computational power (that we require to train our algorithm) we have received significant support in our development and some amazing publicity which has attracted the attention of a number of investors who we are now courting. Unlike most DeepTech companies, we are very keen to develop our technologies in-line with our “Planet friendly” ethos. DeepTech companies require the services of energy-guzzling supercomputers with large carbon footprints. In response to this we have partnered with innovative organisations such as Graphcore, LightOn (Paris) and the Centre of Photonic Excellence (Wales) with a view to low carbon/energy development without compromising on speed & efficiencies. The future potential for this product/service is absolutely massive. We believe that by early 2023 our technology will be ready for commercialisation and make a significant impact on DSPs and CMOs especially. Potentially we have something that will disrupt the marketplace and offer true value to both music creators and music users. By 2026 we forecast a £50M+ turnover and 120+ high-value jobs created. We are currently attracting significant attention from the likes of Facebook, Abbey Road, music & non-music investors. With over a year of intensive development before commercialisation, larger additional funding rounds and critical partnerships and pilots with CMOs and DSPs are required. Growing as a leader and a company, building a respected brand will be key. We believe we will get much of this from CIC CreaTech One to...watch.
