[THE INVESTOR] South Korean internet giant Naver said on Nov. 29 it is joining a new round of funding for French audio tech startup Devialet, the first investment since the establishment of a 100 million euro (US$112 million) startup accelerator fund, the K-Fund 1, in September.
Devialet, based in Paris, produces high-end speakers and the IP behind the sound systems. Especially its flagship Phantom speakers are hot-sellers among audiophiles.
Devialet's Phantom speaker
While expanding its sales network worldwide, the company also hopes to embed its audio systems into internet-connected devices ranging from smartphones to cars.
Naver is also seeking synergies with the audio maker for its future music and artificial intelligence services.
The K-Fund 1, operated by Korely Capital, an investment firm headed by Fleur Pellerin, the former French minister of digital affairs, is one of several investors for a combined 100 million euros (US$107 million) funding for Devialet, the biggest of its kind in France.
Other investors include Ginko Ventures, Foxconn, Renault Group, Sharp, Andy Rubin’s Playground Global and Jay Z’s Roc Nation.
By Lee Ji-yoon (email@example.com)