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The money for the Uppsala, Sweden-based company comes from Swedish fund TIN Fonder and DIG Investment, in a direct share issue. And it values the company at a post-money valuation of $142.2 million.
CEO Peter Friedrichsen said the money positions Dirac to lead what it believes will be the next great era in audio driven by software rather than hardware alone. He said that hardware innovation has driven audio advances since the dawn of reproduced sound. But he thinks that will shift as software helps achieve higher levels of audio performance.
Over the past year, the company has seen growth across all of its core channels: home audio, pro audio, automotive, headphone, mobile, and streaming. It has key original equipment manufacturer (OEM) deals with brands such as Onkyo, Pioneer, Philips, Hyundai, Volvo, Polestar, BYD, Klipsch, and Asus, among others. It has also developed new sales channels, working directly with semiconductor and middleware companies — like NXP, Analog Devices (ADI), and CRI Middleware — to integrate Dirac audio directly into chipsets and platforms.
With software enhancements, Dirac customers can launch new products at lower costs at a faster pace and with more personalization for customers, the company said. Overall product performance can be significantly improved.
Growth business veteran Peter Friedrichsen joined the company as CEO, freeing up former CEO Mathias Johansson to focus on innovation as chief product officer.
U.S. tech industry veteran Wade Giles joined the company as vice president of North America to drive new partnerships with semiconductor manufacturers, and Klas Åström was appointed chief financial officer.
Customers include Rolls Royce, Volvo, Polestar, BMW, BYD, Harman, Datasat, NAD, ASUS, and OPPO.
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