London, United Kingdom, 18th July 2022—Groundbreaking AI music composition tool DAACI has won a grant of over a quarter of a million pounds from Innovate UK, the UK’s innovation agency.
DAACI joins an illustrious list of past Innovate UK grant recipients, including BMW, HSBC, Oxford and Cambridge Universities, as well as most other major universities. To illustrate, competition for the coveted Innovate UK grant was so high in its previous round that less than 10% of applicants succeeded.
DAACI excelled in all qualifying categories. Its proposal demonstrates DAACI’s rising status as game-changing, innovative, disruptive, and ambitious. It evidenced its plan to deliver a significant economic impact in terms of ROI, emphasising its potential to positively impact creative productivity and the UK economy more broadly.
Through their smart grants, Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. They have awarded 25million GBP for game-changing and commercially viable R&D innovation that can significantly impact the UK economy.
Innovate UK’s assessors returned exceptional feedback on DAACI’s proposal, stating, “The proposal contributes to the UK’s position as a leader in music, based on highly innovative technology to create original music, adaptive to a wide range of consumer preferences. This is an impressive team showing practical plans to deliver the project and credibility to commercialise successfully with associated societal benefits.”
They went on to say, “This is an ideal team positioned to deliver the project successfully with their combination of relevant skills and track record, and to exploit commercially.”
DAACI CEO Rachel Lyske said, “Innovate UK has added even more momentum to our charge forward as the leading AI music composition tool for any and every brief, and we’re immensely grateful. They’ve seen that DAACI has the creative and intellectual potential to redefine and regenerate the process of creating music in the era of the Metaverse and Web 3.0.”
Having successfully secured the Innovate grant, DAACI is extremely excited to be continue its investment round. They are raising an EIS eligible £4m which will close in September https://www.daaci.com/daaci-deck