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European audio software innovator Sonarworks announced that is has completed a 5 million Euro Series A round of financing. The financing was co-led by Practica Capital (Lithuania) and Karma Ventures (Estonia).
Sonarworks, which was founded in 2012, is a global leader in digital sound calibration technologies with customers in over 170 countries. The new financing allows the company to accelerate time-to-market and the development of its cutting edge sound calibration and personalization 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 & 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.”
Sonarworks has a database of more than 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 personalized sound experience for every individual on every device.
“Sonarworks’ large customer base of professional studio engineers was a 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.
“SonarWorks is one of the outstanding examples from the Baltic region – deep tech company, with a grand global vision and proven ability to execute. The company has been developing their technology and products for some time now, and now positioned itself for potential rapid growth, especially with this latest funding round it is well equipped to make a global impact in their business category. As one of the biggest investors in this round, we see a great opportunity for the company growth and they can expect our continuous support in years to come,” said Donatas Keras, partner at Practica Capital.
It’s the third, and the most significant investment yet, made by Practica Venture Capital II fund, which was established at the end of 2018. The fund will remain very active by investing in the Baltic innovation- and technology-driven ventures in the next 4-5 years. At the end of last year, the VC firm announced the first €22M close of the fund, and over the next 12 months plans to hold the subsequent closing of the fund targeting €40M in total commitments.
About Practica Capital:
Established in 2011, Practica Capital is a dedicated Baltic VC focusing on investments in the Baltic and Baltic-origin seed, early stage, select growth stage technology ventures. The latest €22M size Practica Venture Capital II fund is implemented from the Business Financing Fund, a fund of funds established by the Ministry of Economy together with the Ministry of Finance of the Republic of Lithuania, financed by the European Union (EU) Funds under the 2014-2020 Operational Programme for the EU Funds’ Investments in Lithuania and managed by Invega.
The firm also manages Practica Seed Capital and Practica Venture Capital funds from the 2012 vintage with €24m under management, 40+ investments and 12 realisations to-date. These two funds were launched under the JEREMIE initiative, which is administered by the European Investment Fund (EIF), the Ministry of Economy & Innovation, the Ministry of Finance and financed by the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania.
For more information visit http://practica.vc
Sonarworks was founded in 2012 when two music lovers met a scientist and embarked on a mission to deliver the ultimate sound experience for anyone creating or listening to music. Sonarworks is the leading sound calibration company in the sound recording industry. The company’s technology is in use by more than 30,000 recording studios worldwide, including more than 35 Grammy winners who enjoy and endorse Sonarworks. Now we are on a mission to take this even further – deliver the ultimate sound experience to all music listeners, regardless of the device used, be it headphones, speakers, or car stereo. Today, the company has over 40 employees.
For more information visit: https://www.sonarworks.com/