Mimi has announced the closing of $25 million in Series B funding. The funding round is led by MIG Capital in a consortium with a larger Munich-based family office and Salvia, the family office of Helmut Jeggle, along with additional German family offices and existing shareholders.
This additional funding “significantly enhances the company’s successful and ongoing efforts to deliver better and healthier hearing experiences to millions of people worldwide.”
“The leading investors of our Series B garnered international attention last year as the founding investors in BioNTech, the NASDAQ listed German biotech company that, together with Pfizer, developed the first Covid-19 vaccine and is now valued at approximately $70 billion,” said Mimi CFO Moritz Bratzke. “Their investment in Mimi is another testament not only to the depth and breadth of the German venture capital climate, but also to the importance and tremendous commercial potential of Mimi’s vision.”
The proceeds will enable Mimi to significantly expand its product offerings in existing device categories such as headphones and TV displays, as well as to move into additional signal processing and audio platforms, including smartphones, among others.
Mimi’s CES award-winning audio personalization technology is currently embedded in a number of customer products including headphones from Skullcandy, who behind Apple, Xiaomi, and Samsung are the fourth-largest manufacturer for true-wireless headphones globally, according to the company’s announcement, and German premium-audio brand beyerdynamic, as well as in TV products from TPV Philips.
The Series B funding also comes on the heels of newly announced partnerships with the San Diego-based Cleer Audio and Chinese smartphone OEM Shenzhen Rillya.
“We are excited to support Mimi in achieving its ambition to build a disruptive hearing health platform, particularly given their track record of attracting great customers for their software business in multiple categories,” said Boris Bernstein, partner, MIG Capital. “Mimi’s unique and protected IP not only personalizes sound sensation but also makes a major contribution to understanding and protecting hearing.”
In addition to expanding existing product offerings and fostering the development of additional product categories such as smartphones, the Series B funding facilitates expansion of sales and marketing operations in China and the United States.
“As a former board member of Sivantos (ex Siemens Audiology Solutions), I gained appreciation for the huge need in the audiology space and thus the demand for innovative products,” said Jeggle, founder and managing partner at Salvia. “Mimi’s technology and expansion plans have positioned the company to become an international standard-bearer for hearing well-being and sound personalization, and we are excited to help them achieve that vision.”