Latvian audio technology company Sonarworks has drawn EUR 700,000 in the third investment round, becoming one of the most popular Latvian startups with investors – the total amount of investment in the company has reached EUR 1.5 million.
“Since entering the professional audio market at the beginning of 2015, Sonarworks has become the world’s leading company in digital sound correction. At the moment, more than 5,000 studios around the world use the Reference 3 calibration software – from enthusiasts at home studios to recording studios where artists such as Taylor Swift, Beyonce, Lady Gaga and other stars record their music. The company’s success is entirely attributable to its team – people who are passionate about music and who each have the opportunity to influence the company’s development,” says the head and co-founder of the company Helmuts Bēms.
“We were convinced by the company’s business results and the potential of the unique technology and team. The company has been growing fast for the past twelve months, posting new turnover records every month, and the company’s sales exceeded costs already at the beginning of the year. The team keeps coming up with excellent ideas and strategies for expanding the spectrum of buyers and capitalizing on all opportunities offered by the technology,” emphasizes Jānis Liepiņš, partner to FlyCap Investment Fund I AIF. He believes that Sonarworks will be turning over more than EUR 100 million during the next five years, winning acclaim of musicians and listeners all around the world.
Sonarworks has developed a unique technology – special software that eliminates sound shortcomings in speakers and headphones. The latest investments will go into the development of a new product for a wider market. The product will enable every listener to hear music in exactly the same quality as it was recorded at the recording studio – regardless of what device it is played on, said Sonarworks co-founder and product manager Mārtiņš Popelis.
The idea of Sonarworks goes back to 2012, the company was officially registered a year later. After attracting investment of EUR 600,000 from Imprimatur Capital in 2013, the company focused on teambuilding and transforming the idea into a competitive product. In 2016 Sonarworks software won the title of the Best Audio Product from the prestigous British magazine Sound On Sound. Sonarworks headphone calibration also won the Innovation Award from the popular professional audio magazine Musictech.
The third-round investors are joining the ranks of company owners, which already include Imprimatur Capital Seed Fund, Proks Capital, and Sonarworks founders Helmuts Bēms and Mārtiņš Popelis.