iZotope raises $7.5m for ‘groundbreaking’ new product

Written by Andy Stout

Shutterstock$7.5m of these will buy you something 'groundbreaking'

We’re not sure what it is yet, the company is playing its cards very close to its chest, but enough financial people think it has potential to throw serious amounts of money at it.

It’s not all cash in hand, the $7.5m is a mixture of $2.5m investment from existing investor ABS Capital Partners and a $5 million debt facility from a bank, but it is a fair old slab of money. And izotope is very bullish what it will be used for. Indeed, the press release announcing it all said that not only would the new capital help with the expansion of the company but that: “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.”

It continued: “Building on iZotope’s tradition of industry leadership, the new line will change the way musicians create, record and collaborate on their music.”

Which would certainly be a decent definition of ‘groundbreaking’ by anyone’s standards.

“We can’t wait to show the world what’s next,” commented CEO, Mark Ethier, and to be fair he’s got the rest of us rather curious now too.

 

Dollar bills graphic by Shutterstock

Tags: Audio

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