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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 16:25

Audio technology startup Sonarworks raises EUR 500,000 from Estonian fund

BC, Riga/Tallinn, 12.12.2017.Print version
Latvian audio technology startup Sonarworks has raised EUR 500,000 worth of investment from Estonian venture capital fund Karma Ventures, Sonarworks representatives told LETA.

The company’s co-founder Helmits Bems said that the new financing will enable Sonarworks to develop products that will significantly enhance music listening experience for people all over the world.

 

Sonarworks has worked out a unique software significantly enhancing the quality of sound coming either from headphones or speakers. “Our mission as a company is to ensure an impeccable sound of music from any existing headphones or speakers, taking into consideration the conception of the music’s creators and the listeners’ hearing characteristics,” said Bems.

 

According to information available at Firmas.lv, a 31.18% stake in Sonarworks belong to KS AIF Imprimatur Capital Technology Venture Fund, Martins Popelis and Bems each own a 17.35% stake, Proks Capital owns 14.54%, KS AIF Imprimatur Capital Seed Fund owns 8.93% and the remaining 10.64% belong in equal parts to VVMV and FlyCap Investment Fund I AIF.

 

In 2016, Sonarworks turned over EUR 923,459 and sustained a loss of EUR 58,836.






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