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Investing.com -- Suno Inc., a startup that creates music using artificial intelligence, is in discussions to raise more than $100 million at a valuation exceeding $2 billion, according to Bloomberg, citing people familiar with the matter.
This new valuation would represent a fourfold increase from the company’s previous valuation. The AI music generator is currently producing over $100 million in annual recurring revenue, sources said.
The funding talks come as Suno has been engaged in settlement discussions with major record labels to resolve legal disputes. These settlements could potentially allow the startup to operate with fewer restrictions in the future.
Music-generating AI technology has created mixed reactions, drawing admiration from users while facing opposition from artists and record companies concerned about its impact on the industry.
Suno previously secured $125 million in funding from several investors including Lightspeed Venture Partners, Nat Friedman, Daniel Gross, Matrix, and Founder Collective.
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