Sonarworks increases the amount of attracted financing to 1.5 million euros
A Latvian audio technology start-up company Sonarworks, which is a lessee of Realto Group business centre “Kinostudija”, has attracted 700,000 euros at the third investment stage, therefore the total financing of investors in the company amounts to 1.5 million euros.
Investors at this investment stage were FlyCap Investment Fund I AIF, private investor Vilis Vītols and fund AIF Imprimatur Capital Technology Venture Fund.
“Currently, more than 5,000 studios in the world use Reference 3 calibration software, starting with enthusiasts at home studios and studios that record such celebrities as Taylor Swift, Beyonce, Lady Gaga and others. The company’s success is based on a team that is passionate about music and where everybody has a chance to influence the company’s development,” said the head and co-founder of the company Helmuts Bēms.
“The company has grown rapidly last year, every month it reached a new turnover record and in the beginning of this year, sales revenues exceeded the expenses. The team has great ideas and plans how to expand their target audience and use all opportunities provided by the technology,” explained the partner of FlyCap Investment Fund I AIF Jānis Liepiņš.
Mr Liepiņš believes that in next 5 years Sonarworks will achieve turnover of more than 100 million euros and it will be recognised by authors and listeners of music all over the globe.
Sonarworks has developed a technology that uses software to correct deficiencies in speakers and headphones. It is planned to invest the attracted financing in a new product for a larger market.
The idea of Sonarworks emerged in 2012 and the company was registered a year later. After attraction of investment of 600,000 euros from Imprimatur Capital in 2013, the company focused on establishment of a team and on turning the idea into a competitive product. In 2016, the software developed by Sonarworks obtained the annual award of the British audio magazine Sound On Sound, as well as innovation award was presented to the calibration of Sonarworks’ headphones by the audio magazine Musictech.
The third stage investors joined the owners of the company that already included Imprimatur Capital Seed Fund, SIA Proks Capital and founders Helmuts Bēms and Mārtiņš Popelis.