Our friends at iZotope have succeeded in getting $7.5 million in finance recently to help with new product developments.
The $2.5 million was led by existing investor ABS Capital Partners, a leading investor in later-stage growth companies, together with participation from individual investors. The new investment also includes a $5 million debt facility from Comerica Bank.
But it wasn't always like that. Back in 2001, iZotope was started by a group of MIT undergrads who started with a free plug-in of a record simulator, which they have brought back recently. Development really accelerated in 2013 when the company landed its first $12 million round of venture capital and now the company has announced another $7.5 million in financing,
iZotope won an Emmy in 2013 for its contributions to television recording as well as being winning our Brand Of The Year 2016 Award nominated and voted for by you the community.
The company has doubled since 2013 and now employs more than 100 people. The team plans to continue to expand product lines and work toward serving a broader customer base.
iZotope told us that the new funds will be used to support the company’s continued growth and to accelerate the launch of a groundbreaking new offering. They say that "the new line will change the way musicians create, record and collaborate on their music".
So with that new injection and confidence what would you like iZotope to develop? What ideas are out there to follow on from applications like by beloved RX5 Editor as well as Ozone, Iris and the most recent addition to the family the Vocal Synth? What do you think this "new offering" will be? Tell us what you would like iZotope to develop next.