DEVIALET RAISES €100 MILLION
An expansion of its technologies into new sectors that makes Devialet the new sound reference.
An acceleration of its commercial expansion in Asia and the United States.
Devialet, the world’s most critically acclaimed start-up in sound technology for the excellence of its innovations with 107 patents and 61 international awards, raised €100 million in capital through a co-investment led by Ginko Ventures with participation from international industrial and financial investors including Foxconn, Groupe Renault, Sharp Corporation, Playground Global, Naver, Roc Nation, Future French Champions, CM-CIC Investissement and Bpifrance.
Founded in 2007 and headquartered in Paris, Devialet is growing rapidly, doubling its turnover every year and currently has a workforce of 230 employees.
Devialet will use the additional financing resulting from this fundraising in four key areas of development:
> Rolling-out Devialet’s technologies across automotive, television and Internet of Things (IoT) industries representing a global potential of several billions of devices per year through strategic and industrial partnerships and agreements.
> Continued expansion of its distribution networks around two retail concepts:
Additional immersive rooms in the style of those opened in Hong Kong or Singapore
New flagship stores adding to the Paris, London and newly opened Soho, New York ones.
> Investing further in R&D to accelerate innovation and reinforce its patent portfolio and therefore consolidating its technological leadership in the field of sound.
> Enabling a greater number of people to discover the emotional power of the Devialet sound with Phantom, engaging further with music and high tech communities across five continents.
“This fundraising marks a new stage in our incredible development towards being a global tech company and leader in our industry,” says Quentin Sannié, co-founder and CEO of Devialet. “Our ambition is to be the pioneering role model of technology at the service of emotion throughout the world. We are extremely happy and proud to welcome the new investors, most of whom are entrepreneurs. Beyond enabling us to accelerate our development though additional funds, they will support our geographical influence, especially in Asia and the US. We have already initiated very promising common projects. I would like to warmly thank our outstanding team, our shareholders, our suppliers and industrial partners for their trust over the last 10 years”.
Amongst Devialet’s new shareholders are:
Ginko, the European investment fund, lead investor, run by Jean-François Baril, former VP of Nokia
Foxconn, the global leader in consumer electronics manufacturing and provider of innovative technology services, founded by Terry Gou, and its subsidiary Foxconn Interconnect Technology
Groupe Renault, the leading French automotive brand in the world, member of the Renault-Nissan alliance, run by Carlos Ghosn and the fourth biggest car maker in the world with more than 8 million vehicles per year
Sharp Corporation, a worldwide developer of innovative products and core technologies that play a key role in shaping the future of electronics and solutions for smart homes and offices
Playground Global, the American venture fund founded in Palo Alto by Andy Rubin, the celebrated creator of Android who is imagining the future of IoT and who speaking about his involvement in Devialet’s fundraising, declared “I am a huge fan of Devialet. I love the technology and the team. I believe Devialet is the most disruptive company in the audio business. It is my dream to work with Quentin and his team to change the way people appreciate media of all types. I am very proud and happy to take part in this financing”.
Korelya Capital, the investment fund created by Fleur Pellerin (France’s former Secretary of State for Digital affairs) in partnership with Naver and its subsidiary Line, the Korean Internet and social network leader in Asia, to finance French and European Tech champions
Roc Nation, the American based full-service entertainment company, founded by Shawn « Jay-Z » Carter
Future French Champions, an investment fund co-founded by the Qatar Investment Authority, the sovereign wealth fund of Qatar, and CDC International Capital, to support French companies with great potential in their international development
CM-CIC Investissement, the equity financing arm of the Crédit Mutuel CIC group
Bpifrance, the Public Investment Bank, whose mission is to finance hyper-growth companies leading their industry and strongly contributing to the French innovation ecosystem
Fleur Pellerin and Jean-François Baril will join Devialet’s Board of Directors as Directors. Caroline Giral (CM-CIC Investissement) and Marc Auberger (FFC) will join Devialet’s Board of Directors as Board Observers.
The financial operation was led by Bryan, Garnier&Co.