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Ryan Kavanaugh’s Proxima Media on Wednesday announced an eight-figure investment in Triller, the AI-powered music video platform Triller, a TikTok rival that has reported 13 million active monthly users and 60 million total downloads.

The investment is worth $28 million, according to an individual with knowledge of the arrangement. The new funds will be used to fuel continued growth and product enhancements to a platform built for music sharing, content creation, and artist discovery in the music industry.

Bobby Sarnevesht, partner at Proxima Media and now executive chairman of Triller, will take operational control of the company as part of the investment. “Triller has grown at an incredible rate in a competitive market, and has fundamentally expanded opportunities for content creators to reach new audiences,” he said in a statement. “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 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.

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Triller reports the highest engagement of any music social platform in terms of daily time spent on the app, with users spending an average of 20 minutes per day and creators spending over one hour. The company recently acquired MashTraxx, a machine-learning platform for music and video editing, with nine industry-defining patents.

The platform boasts music licensing partnerships with top studios, including Warner Music Group, Sony Music Entertainment, and Universal, allow 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,” fueling the discovery of breakout artist 10k.Caash andSeth Vangeldren, and is credited by Lil Nas X as the platform that helped launch “Old Town Road.” The app 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.

“Triller prioritizes creators, allowing them to showcase their work and connect with their audiences through the universal language of music,” Triller CEO Mike Lu said in a statement. “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.”

De Sivla added: “Triller has a 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, on music around the world unlike competitors like Tik Tok.”