iZotope, a provider of software tools used in audio production, announced $7.5 million in new financing. The fundraising consists of $2.5 million in a Series B equity round and $5 million of a debt facility from Comerica Bank.
The Series B round was led by existing investor ABS Capital Partners, a private equity firm with offices in Baltimore and San Francisco. ABS became the majority owner of iZotope in a $12 million funding deal in 2013. Combined with the 2013 transaction, the total capital raised (including debt facility) by iZotope is now $19.5 million.
The press release announcing the fundraising hints at the funds accelerating an upcoming launch of a new product offering. According to the press release, “the new line will change the way musicians create, record and collaborate on their music.”
Commenting on the transaction, Mark Ethier, CEO and co-founder of iZotope stated, “We value ABS Capital’s continued confidence in our ambitious product plans, and we can’t wait to show the world what’s next.”
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