European audio software innovator Sonarworks announced that is has completed a five million Euro Series A round of financing.
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 was founded in 2012, and provides digital sound calibration technologies. The new financing allows the company to accelerate time-to-market and the development of its sound calibration and personalisation consumer products. It also allows the company to increase its market presence in key regions, with the goal of driving revenue past the 10M EUR mark within two years.
“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 and 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.”
“Currently our technology improves the sound experience of 74 per cent of users within five minutes of learning each individual’s hearing capabilities and listening preferences,” added Mr. Bems. “Discovering the personal sound driven by machine learning is an engaging experience that leads to rediscovering the original intent of multimedia content.”
Sonarworks has a database of over 10,000 measured sound devices and a unique set of AI-based technologies to precisely map individual hearing and sound preferences. By combining digital adjustment of the sound device and individual hearing, the company will be able to deliver a personalised sound experience for every individual on every device.
“Sonarworks’ large customer base of professional studio engineers was key proof of the incredible value of the technology when we made our initial investment in 2017. Since then, the team has done a lot of work on bringing the same experience to consumers, currently working with a number of top-tier partners on launching the solution to the mass market and we see an interesting growth opportunity that we decided to back with our investment,” said Kristjan Laanemaa, partner of Karma Ventures.
“The market opportunity for Sonarworks is to have its technology in use by over one billion devices globally; the new financing enables the company to execute on that strategy. Practica is thrilled to partner with Sonarworks in their next chapter” commented Donatas Keras from Practica.
“Ultimately, this will enable music lovers, movie fans and gaming enthusiasts to have a significantly richer and more fulfilling sound experience,” he concluded.