Riga, Latvia (May 20, 2019)—Sonarworks announced has completed a 5 million Euro Series A round of financing, following an earlier investment of 1.3 million Euro. The new financing is intended to help the company to accelerate time-to-market and development of its sound calibration and personalization consumer products.The company also aims to increase its market presence in key regions, with the goal of driving revenue past the 10M EUR mark within two years.
Sonarworks, founded in 2012, has customers in over 170 countries, a database of more than 10,000 measured sound devices and a unique set of AI-based technologies to map individual hearing and sound preferences.
“This is another milestone for Sonarworks; with the new investors onboard, we are now heading in the right direction toward delivering the ultimate sound experience on any device,” commented Helmuts Bems, Sonarworks Co-Founder & CEO. “We are now working with companies in music streaming, headphones, smartphones and the automotive sector. Having our team closer to these customers will enable us to deliver even better integration capability.”
The financing was co-led by Karma Ventures (Estonia) and Practica Capital (Lithuania), with participation from Revo Capital (Turkey), SuperAngel (Estonia), ProksCapital and Imprimatur (Latvia).
Sonarworks • http://www.sonarworks.com