Triller Raises Funding And Grows At Rapid Pace As It Competes Against TikTok

By Amit Chowdhry ● October 29, 2019
  • AI-powered music video platform Triller announced it has raised a new round of funding — which is reported to be $28 million at a $130 million valuation

Triller — an AI-powered music video platform — announced it raised a new round of funding led by Proxima Media. With this round of funding, it will fuel continued growth and product enhancements as Triller is becoming a premier destination for music sharing, content creation, and artist discovery in the music industry. The funding round was undisclosed, but The Wall Street Journal’s sources said it was $28 million at a $130 million valuation.

“Triller prioritizes creators, allowing them to showcase their work and connect with their audiences through the universal language of music,” said Mike Lu, CEO of Triller. “This funding round reflects broad support from savvy, successful investors that appreciate our relentless focus on artist discovery and continuous expansion of Triller’s groundbreaking AI technology. Proxima Media’s team and expertise give us access to unparalleled content and IP.”

Triller’s largest rival is China-based TikTok. While Triller is trailing behind, it has been ramping by growing 500% organically year-over-year with 13 million active monthly users and 60 million total downloads. TikTok hit 1 billion active users earlier this year.

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Earlier this year, Triller acquired and integrated MashTraxx — which is a machine learning platform for music and video editing with nine industry-defining patents. Through this acquisition, it will provide Triller users with next-generation editing tools to create and track attention-grabbing and shareable content. Plus Triller has the highest engagement of any music social platform in terms of daily time spent on the application with an average of 20 minutes per day spent on the platform and creators spending more than an hour.

“Triller has grown at an incredible rate in a competitive market, and has fundamentally expanded opportunities for content creators to reach new audiences,” added Bobby Sarnevesht, partner at Proxima Media and now the executive chairman of Triller. “Now, with the added support of Proxima Media’s access to well known professionally generated content and IP, we are confident Triller will become the go-to platform for music social sharing.”

Proxima Media was originally founded by Hollywood producer Ryan Kavanaugh. And Proxima Media has been responsible for producing more than 200 films, which grossed more than $25 billion at the box office. Some of Proxima Media’s films include Immortals, The Fast and the Furious, Girl with the Dragon Tattoo, Salt, Wanted, Limitless, The Fighter, Mirror Mirror, Safe Haven, Beyond the Lights, The Social Network, Mamma Mia!, 3:10 to Yuma, Grown Ups, and Dear John.

Triller partners with top music studios, including Warner Music Group, Sony Music Entertainment, and Universal — which allows users to create content with an extensive catalog of music and share it across multiple social platforms without the need to navigate licensing fees.

Triller has been integral in helping Tyga go 6x Platinum with “Taste” and YG go 2x Platinum with “Big Bank.” Plus it fueled the discovery of breakout artists 10k.Caash and Seth Vangeldren. And it is credited by Lil Nas X as the platform that helped launch “Old Town Road.” Triller continues to gain popularity within the music industry with top artists such as Chance the Rapper, DaBaby, Halsey, and BTS who utilize it for music promotion.

Proxima also brought in a number of strategic investors, including Silicon Valley veteran Mahi de Silva — who will also assume the role of Triller’s chairman. As a founder, CEO, leader, board member, advisor, and investor, de Silva guided companies from startup to unicorn exits totaling more than $10 billion, including VeriSign, Sonicwall, AdMarvel, Opera, Slam Dunk Networks, Noventis, and Looksery.

“Triller has created a vibrant community bringing together creators, artists, license holders, labels, and consumers, to foster and encourage large-scale consumption and monetization, for all involved parties, of music around the world, unlike competitors like TikTok,” added Mahi de Silva. “As a U.S company, Triller is laser-focused on the protection of our community from the prying eyes of nefarious parties or political agendas which has been a clear issue among our competitors.”