DGAP-News: MIG CAPITAL AG
/ Key word (s): Financing / Investment
MIG Capital Brings? 22.5 Million Series B Funding for Mimi Hearing Technologies?
12/15/2021 / 09:05
The issuer is solely responsible for the content of this announcement.
MIG Capital AG, one of the leading German venture capital companies, has today concluded a series B financing of 22.5 million euros for Mimi Hearing Technologies, the world’s leading provider of hearing enhancement and audio personalization software. The financing round is led by MIG Capital in a consortium with a larger Munich family office and Salvia, the family office of Helmut Jeggle, as well as other German family offices and existing shareholders.
Mimi licenses its science-based hearing improvement technology to B2B customers, including electronic manufacturers Devices and streaming providers. The additional funding will significantly support their successful and ongoing efforts to provide better, healthier listening experiences to millions of people around the world.
« The leading investors in our Series B attracted international attention as founding investors in BioNTech last year, » said Mimi -CFO Moritz Bratzke. « Your investment in Mimi is further proof not only of the depth and breadth of the German venture capital climate, but also of the importance and the enormous commercial potential of Mimi’s vision. »
The proceeds will enable Mimi to expand its product range in existing device categories such as headphones and TV displays, as well as entering additional signal processing and audio platforms, including smartphones. In addition, the Series B funding will facilitate the expansion of sales and marketing activities in China and the United States, which together host many of the leading consumer electronics manufacturers and content providers.
CES award-winning audio personalization technology is from Mimi currently embedded in a number of customer products, including headphones from Skullcandy, the fourth largest manufacturer of true wireless headphones worldwide after Apple, Xiaomi and Samsung, to the German premium audio brand beyerdynamic, as well as TV products from TPV Philips, to name but a few to name a few. The Series B funding also follows the newly announced partnerships with Cleer Audio from San Diego and the Chinese smartphone OEM Shenzhen Rillya.
« We are excited to support Mimi in realizing his ambitions to build a disruptive hearing health platform, especially given their track record of attracting great clients for their software business across multiple categories, ”said Boris Bernstein, partner at MIG Capital. « Mimi’s unique and protected IP not only personalizes the perception of sound, but also makes a significant contribution to understanding and protecting the hearing. » thus recognized the demand for innovative products ”, adds Helmut Jeggle, founder and managing partner at Salvia. « Mimi’s technology and expansion plans have positioned the company to become an international standard for well-being and sound personalization, and we are delighted to help you achieve this vision. »
Mimi Hearing Technologies was founded in 2014 in Berlin by Philipp Skribanowitz (CEO) and Dr. Nicholas Clark (Chief Scientist) and is a leading global software provider for digital hearing. It develops digital hearing tests and hearing-based sound personalization technology. Mimi’s in-house team of hearing scientists has developed its biologically inspired and proprietary audio processing technology that learns how well a user hears in order to optimize their listening experience. Backed by years of scientific research and a global IP portfolio with 75 patents and a database of ~ 2 million hearing tests, Mimi aims to provide users with the best possible listening experience by tailoring audio signals across all electronic audio devices to the user’s individual hearing ability .
Mimi integrates easily with consumer electronics devices such as headphones, smartphones, televisions, in-flight entertainment systems and a range of systems and platforms. The company licenses its platform-independent software solutions to manufacturers of consumer tech devices, streaming providers and hearing aid manufacturers. It has recently gained customers from Europe, the US, and Asia, including Skullcandy, Philips, and Loewe. Mimi’s ultimate mission is to create a world where hearing is no longer an obstacle to interaction and enjoyment. The company’s website can be found at mimi.io.
MIG Capital AG (formerly MIG Verwaltungs AG) is one of the leading German VC investors. Through the MIG Fund, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over 600 million euros in over 40 companies. MIG’s portfolio companies develop innovations in areas such as biopharmaceuticals, artificial intelligence / machine learning, quantum technologies, digitization / IoT, precision medicine and digital health. MIG’s investment portfolio currently comprises 29 companies.
The MIG investment team consists of a committed group of experts made up of engineers, biologists, scientists and investors who use analytical and creative methods to evaluate the risks and opportunities of business models and technologies. Their reputation, experience and network offer excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies.
In recent years, MIG AG has sold its portfolio companies SuppreMol (2015 to Baxter), sunhill technologies (2015 to Volkswagen), Ganymed (2016 to Astellas) and Siltectra (2018 to Infineon) and BRAIN (in 2017), NFON (2018), BioNTech (2019) and Immatics (2020) for IPOs.
Dec 15, 2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is responsible for the content of this announcement. DGAP’s sales services include approval notifications, financial / company news and press releases. Archive at www.dgap. de
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