European audio software developer Sonarworks announces that is has completed a 5 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, which was founded in 2012, provides 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 sound calibration and 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,” comments 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.”
“Currently our technology improves the sound experience of 74% of users within five minutes of learning each individual’s hearing capabilities and listening preferences,” adds 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 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,” says Kristjan Laanemaa, partner of Karma Ventures.
“The market opportunity for Sonarworks is to have its technology in use by over 1 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” comments 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.”
Sonarworks’ technology empowers content creators and consumers to hear audio in the most truthful way possible, and in an accurate representation of the original artistic intent, delivering the studio sound personalized to each individual is the way to go.