iZotope Secures $7.5 Million in New Financing to Fuel Expansion of Audio Technology Products
Soon to be Launched Product Line Will Change the Way Musicians Create, Record and Collaborate
CAMBRIDGE, Mass., June 23, 2016 /PRNewswire/ -- iZotope, Inc., makers of award-winning tools for audio production, today announced $7.5 million in new financing comprised of equity and debt. The $2.5 million Series B round was led by existing investor ABS Capital Partners, a leading investor in later-stage growth companies, with participation from individual investors. The new investment also includes a $5 million debt facility from Comerica Bank.
The funds will be used to support the company's continued growth and to accelerate the launch of a groundbreaking new offering. The new product line taps into the potential of modern technologies to enhance the creative experience, providing musicians with unique hardware, mobile and cloud-enabled features not currently available in the market. Building on iZotope's tradition of industry leadership, the new line will change the way musicians create, record and collaborate on their music.
"At iZotope, we're committed to expanding the possibilities of audio technology," comments Mark Ethier, CEO and co-founder of iZotope. "We value ABS Capital's continued confidence in our ambitious product plans, and we can't wait to show the world what's next."
"iZotope has proven its value to the market with its longstanding history of re-imagining traditional studio tools," said Laura Witt, general partner, ABS Capital Partners. "We are pleased to continue to support the company's strong growth and look forward to seeing both existing and new customers embrace iZotope's innovative product offerings."
Founded in 2001, iZotope secured its first $12 million round of funding from ABS Capital in 2013, marking the beginning of the company's accelerated growth initiatives. This brings the total amount of venture funding to $14.5 million, and total capital of $19.5 million with the debt facility included.
iZotope's current product portfolio is composed of industry-leading solutions for audio creation, repair, mixing and mastering. It recently launched VocalSynth, the first ever plug-in to bring together four advanced vocal engines – Vocoder, Polyvoice, Compuvox, and Talkbox – alongside specialized vocal effects and pitch correction. To learn more about this and other product innovations, including iZotope's Emmy Award-winning RX solution, visit: https://www.izotope.com/en/products.html.
ABOUT iZOTOPE
Driven by a passion for audio, iZotope develops innovative products that inspire and enable people to be creative. Based in Cambridge, Massachusetts, the iZotope team has spent over 15 years developing award-winning audio production tools found in professional facilities and home studios alike. The iZotope product line focuses on Music Production, with solutions for mixing, mastering, and creative effects, and Audio Post Production, with tools that enhance audio for film, broadcast, video, and new media. Alongside the development of studio software, iZotope incubates bleeding-edge audio technology for future release and develops rich audio education to help enthusiasts and professionals alike improve their craft. www.izotope.com
ABOUT ABS CAPITAL
For over 25 years, ABS Capital has been investing in later-stage growth companies, helping CEOs capitalize on new opportunities and navigate unforeseen obstacles – while never losing sight of the ultimate goal of achieving lasting excellence. Our partners have decades of experience as C-level executives, investment bankers and investors in the industries we invest in: business and education services, information and communications technology, and health care. This combination of experience and expertise means we have a laser-focus on the specific needs growth companies face as they look to get to the next level. By helping to transform over 115 companies through their most important stage of development, ABS continues to help unleash the potential for lasting growth. ABS Capital Partners. Here, we grow.
For more information, visit www.abscapital.com.
ABOUT COMERICA BANK'S TECHNOLOGY AND LIFE SCIENCES DIVISION
Comerica Bank's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, venture backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, California as well as an office in Toronto, Canada. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company that is among the 25 largest U.S. banking companies. For more information, visit www.comerica.com.
Media Contact: Laura Paine: InkHouse for iZotope: (781) 966-4124 [email protected]
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SOURCE iZotope, Inc.
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