Virginia Beach-based music tech startup, Secret Chord Labs, was recently named the “2020 Startup of the Year” by Wallifornia MusicTech. Chosen from an applicant pool of 150, Secret Chord Labs was one of 20 startups selected to participate in a six-week virtual accelerator program. Their software platform, dopr, uses AI and neuroscience research to predict the likelihood of enjoyment of popular music. The recognition from Wallifornia MusicTech has helped Secret Chord Labs advance in industry beta tests and fundraising efforts. As of July 2020, the company has raised nearly $500,000 and is currently raising an additional $1.5 million. Following their success at Wallifornia, they have been selected to participate in the 757 Accelerate program.
Introduction
By Megan Corsano – August 4, 2020
Secret Chord Laboratories: 2020 Startup of the Year
Virginia Beach’s Secret Chord Laboratories was recently named the “2020 Startup of the Year” by Wallifornia MusicTech.
Accelerator Program and Recognition
The company was one of 20 startups selected from an applicant pool of 150 to participate in the six-week virtual accelerator program for music tech startups that ran from May 28 to July 9.
Wallifornia MusicTech is a Belgium-based company that hosts its accelerator as a series of workshops focused on sales, negotiations, investor relations, growth “hacking,” digital strategy, communications and storytelling. At the end of the program, the companies participated in a pitch presentation to a panel of investors.
Impact and Success
“Many of the meetings and mentors were incredible,” Secret Chord COO David Rosen, Ph.D., told Inno. “Being named ‘2020 Startup of the Year’ definitely gives us some cred too. We have relayed this information to all of our networks, and it has helped us advance in our industry beta tests and fundraising efforts.”
The startup’s software platform, dopr, was constructed to predict the likelihood of enjoyment of popular music using an AI system informed by years of neuroscience research. The platform was judged by industry leaders like Universal Music Group and Sony Music Entertainment on the overall viability of their product, team and strategy.
Mentorship and Future Plans
Rosen said one of the best things about participating in Wallifornia was the opportunity for mentorship, particularly the one-on-one sessions with their advisor Frederic Garroy.
“Honestly, he is the best. His contributions to the vision of Secret Chord Laboratories were monumental,” he said. “We also got a chance to exchange with music industry experts like Tuhin Roy.”
Roy is the Senior Vice President of New Digital Business and Innovation at Universal Music Group.”
Investment and Future Opportunities
As of July 2020, the Secret Chord Laboratories has raised nearly $500,000 in investment funds and is currently raising $1.5 million in a SAFE (Simple Agreement for Future Equity).
Following their successes at Wallifornia, the SCL team was also selected to participate in the 757 Accelerate program, a three-month accelerator based in Hampton Roads that includes office space and hands-on industry assistance, in addition to a $20,000 investment.
Question & Answer
1. How was Secret Chord Labs recognized in 2020?
Secret Chord Labs was named the “2020 Startup of the Year” by Wallifornia MusicTech.
2. What was the selection process for Secret Chord Labs to participate in an accelerator program?
Secret Chord Labs was chosen as one of 20 startups from an applicant pool of 150 to participate in a six-week virtual accelerator program.
3. What is the purpose of Secret Chord Labs’ software platform, dopr?
dopr uses AI and neuroscience research to predict the likelihood of enjoyment of popular music.
4. How has the recognition from Wallifornia MusicTech impacted Secret Chord Labs?
The recognition has helped the company advance in industry beta tests and fundraising efforts.
