Snafu Records is a record label that uses AI technology to discover new music and artists, has completed a $6 million funding round led by Pophouse Ventures, with participation from TheVentureCollective, ABBA member Agnetha Fältskog and Academy Award and Grammy nominee Savan Kotecha.
The record label has also announced two new platforms and their technologies in order to make songwriting and releasing more accessible. Blurry, a songwriting collaboration platform, and Fine.Art, a peer-to-peer financing program for breakout artists, that will both launch this fall. Snafu says its aims with Blurry is to match songs created by producers and songwriters with major artists to create “viral pop success.” Fine.Art (Finance for Artists) is a peer-to-peer financial service that lets artists allocate a part of their streaming revenues to invest in their peers. The intention behind these technologies are to connect artists to each other and create a community that creates music together.
Snafu’s algorithm analyzes new music on platforms including Spotify, YouTube, and TikTok, and has evolved from analyzing 150,000 undiscovered songs per week to more than 1 million per week. The label has already signed 45 artists to its platform, including multiple Grammy winner Hit-Boy and Grammy nominees NEVADA and Kosine.
Ankit Desai, Snafu CEO and founder, said: “Snafu is focused on using technology as well as our incredible creative team to enable the superstars of tomorrow. Both Blurry and Fine Art will make it easier for up-and-coming artists to achieve these goals by connecting songwriters with musicians and providing artist advances. I’m excited to roll out these tools that leverage Snafu’s music discovery algorithms to help undiscovered talent make an impact in the music industry, and get compensated fairly in the process.”