iZotope Inc, a provider of audio production tools, has raised $7.5 million in funding. Included in this figure is $2.5 million in Series B funding led by return backer ABS Capital Partners and a $5 million loan from Comerica Bank. The capital infusion will be used for growth and a product launch.
Cambridge, MA (June 23, 2016) – 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.