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Chordify B.V. team 9
Chordify B.V. San Fran, Austin (USA), Groningen, Utrecht, NL

Chordify – Chords For Any Song

Chordify helps musicians of all levels to learn and play the music they love.

$257,726 INVESTED
120%
$215,490
Required
8.49%
Equity
Small_thumb_chordify_icon_1024x1024 Chordify – Chords For Any Song
INNER CIRCLE
The concept

Did you know that one in ten people on the planet plays a musical instrument? That’s over 700 million people! And there is an even bigger crowd that would love to play a musical instrument. 

Unfortunately, 90% of people trying to learn an instrument quit in their first year. Music lessons are expensive, exercises become boring and practising is repetitive. 

That’s why we’ve created Chordify. Chordify is a music e-learning platform that transforms any song into chords. With our state-of-the-art music technology, we reshape music education by creating affordable, engaging, and personalized products: Chordify makes it as easy as possible to learn your favorite music. Our service has gained impressive organic traction. This traction illustrates the natural demand for our product, and for music making in general.

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Bas de Haas, PhD
CEO and Founder

After Bas finished his PhD in computer science at Utrecht University in 2011, he brought together this team of music enthusiasts to create Chordify. Bas’ research focuses on music information retrieval, digital signal processing, and machine learning. Bas is passionate about music, playing guitar, new technologies, and entrepreneurship.

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Dion ten Heggeler
CBDO and Founder

Dion is responsible for Chordify’s design and business development. Dion is an experienced communication designer with over a decade of business experience and a passion for discovering emerging music and musicians.

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Tijmen Ruizendaal
CTO and Founder

Tijmen is responsible for the front-end of Chordify and works closely with both the back-end developers and designers. Tijmen is a Web, User Experience and SEO-expert. He also plays drums in the bands DJHAGY and Niek Pronk. Previously, Tijmen worked at Distimo App Analytics (acquired by App Annie), AppLink, and AppIQ.

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Gijs Bekenkamp
CMO and Founder

Gijs is responsible for Chordify’s design and market development. Gijs is a serial entrepreneur who ran two bureaus for design and visual communication over the last decade. He spent ten years of his life playing in a band with Bas and can’t stop listening to the latest albums of Bon Iver, Suuns, and Benjamin Clementine.

Purpose of investment

Chordify generates healthy revenue to support management, operations, sales, and investments in chord recognition research and product development. We seek an investment to accelerate our product and market development. These fund will be allocated to three important improvements. 

Mobile – Our website is optimized for mobile use and we have recently launched our iOS app. However, we want to create an additional revenue stream by adding our premium plans to the iOS app and port the app to the Android platform.
Social – We make the Chordify platform more social by allowing our users to track, collect and share their practising history and music preferences. Think of it as last.fm for music practising.
Embedded player – Influencers from the music industry will be used to promote the Chordify Embedded Player. The Chordify Embedded Player allows artists, festivals and teachers to have the Chordify experience embedded on their own website.

Risks

Replicability
Chordify uses complex technology to calculate high quality chords from audio in an efficient, scalable, and distributed manner. Our team of top-tier scientists are innovating chord recognition technology continuously. Most of the developed technology is closed-source, but we use some open-source frameworks. Replicating Chordify’s core technology is challenging, even more so because our chord models require big chord and edit data, and must be trained accordingly – data that Chordify has gathered over the last 4 years.

Intellectual Property & Patents
One of Chordify’s strongest assets is its developed Intellectual Property (IP). Chordify has not patented its IP because patents are expensive and applying for patents is time consuming. Nevertheless, we limit the IP infringement risks as much as possible. In the algorithm design we work closely together with the scientific community, and these ties are formalized legally where possible. Also, in our research and development processes we are very careful not to infringe any patents or software licences.

Copyright
The music industry is prone to copyright issues. For this reason we work together with IP and copyright specialists like SOLV to deal with relevant copyright laws. In addition to this, we are in close contact with the Dutch music rights organisation Buma Cultuur, and have been screened and approved by Sony Records as part of our partnership with music streaming services Deezer.

Third Party Dependencies
Chordify depends on a number of third party services, most notably search engines and the streaming services YouTube, Deezer, and SoundCloud. Chordify strives to formalize the partnerships with these third parties in order to secure future compatibility and availability as much as possible. Nevertheless, if one of these services is modified or discontinued, this will affect Chordify. Therefore,  this risk is spread by supporting a multiple streaming services, extend this support to new streaming services, and constantly improve our search engine optimization.

Market size & projections
The projections of the market size in this pitch are constructed with utmost care and are based on a combination of the analytics of our service, the analytics of our competitors’ services, and on scientific research (North, A. C., Hargreaves, D. J., & O’Neill, S. A. (2000). The importance of music to adolescents. British Journal of Educational Psychology, 70(2), 255-272). Even though all projections have been created in good faith and due care, the projections might deviate from the reality. For instance, there is a chance that Chordify does not manages to secure growth funding (in time). Nevertheless, If our projections are off, or the competitive field changes significantly, we are confident that Chordify can adapt its proposition accordingly and remain a successful business, as it has shown this resilience in the past–due to its agile and flexible company structure.