Swedish audio technology company Dirac has completed a new $6 million (60m SEK) round of financing and will appoint former Spotify executive Jonathan Forster to its Board of Directors.
British exec Forster (pictured) worked in a number of leadership roles at Spotify before leaving in 2016. He spent 10 years at the company after joining as one of its first five employees.
A press release announcing Dirac’s funding states that Forster will “help catalyze the company’s expansion into the streaming market”.
The latest funding round includes Swedish tech investors Inbox Kapital, Swedia Capital, and Johan Sedihn, and new investor DIG Investment.
Today’s news follows Dirac’s recent launch of its headphone technology and mobile app, which the company claims can automatically enhance the performance of any connected headphone “to reveal even the most subtle beats, tones and sounds that are typically lost in standard headphones”.
Dirac says that proceeds from the new funding round will be used to further evolve the capabilities of this technology and app.
The company also says that its suite of audio tools are used by the likes of BMW, Datasat, Harman, NAD, OnePlus, OPPO, Rolls Royce, Volvo and Xiaomi as well as in music studios, by professional DJs and producers such as Axwell of Swedish House Mafia; Rami Yacoub, producer behind artists such as Ariana Grande, Demi Lovato, Avicii and more; and Ilya Salmanzadeh (ILYA), singer, songwriter and producer behind artists such as Beyoncé, Taylor Swift, among many others.
In addition to its HQ in Uppsala, Sweden, Dirac has offices in Shenzhen, Beijing and Shanghai, China and a Research & Development facility in Copenhagen, Denmark.
“With this new round of financing, and the addition of Jonathan to our board, we’re equipped with the capital and expertise to realize our long-term product and market development objectives.”
Mathias Johansson, Dirac
“Earlier this year, we introduced a technology that demonstrates that the audio you experience from your headphones can sound so much better with the addition of intelligently-designed digital sound software. However, this headphone technology is just one of the many pieces of our intelligent audio platform which digitally upgrades any kind of sound experience,” said Dirac CEO Mathias Johansson.
“We’re pioneering the intelligent audio solutions that will enable the devices and content of tomorrow. With this new round of financing, and the addition of Jonathan to our board, we’re equipped with the capital and expertise to realize our long-term product and market development objectives.”
Added Johansson: “We very much remain focused on a future that extends well beyond this current climate. Challenged to rethink the way we live, learn and work, we are not shying away from the investments that are necessary to sustain our long-term growth.
“We hope that this message helps ignite a sense of optimism among companies and entrepreneurs across the world during these challenging times.”
“I’m excited to help the team continue to bring this technology to market.”
Jonathan Forster (pictured)
Forster added: “Thanks to music streaming platforms, hundreds of millions of people around the world are consuming more music than ever before.
“Dirac’s technology gives each of these people the chance to enjoy the experience through better sound, regardless of how they’re listening. I’m excited to help the team continue to bring this technology to market.”Music Business Worldwide