Noveto bridge

Noveto Closes a $10M Million Bridge Led by GoPro and Palantir investor, Adit Ventures to Further Lead the $20M A Round

Noveto Systems, an Israeli start-up company, announced today the successful completion of a bridge of $10 Million from renowned technology investors Adit Ventures, a firm that has invested in some of the world’s leading disruptive companies, with exits in GoPro, Spotify, Palantir and Lyft.

Nevoto bridge

The current bridge investment is made as part of the company’s Series A fundraising to be further led by Adit Ventures to raise an additional $20 Million by year-end.

This Series A follows previous fundraising rounds during which the company has generated close to $25 Million with the consistent support of theBrecht – Jammer family officeand the support ofSAIC Fund, the CVC of the largest automotive OEM in China –SAIC Motors.

The funds will support rapid company expansion, with plans to triple the headcount from 20 to 60 in the next 12 months and double again the following year. Along with the opening of a US office, the talent hires will help accelerate the delivery of Noveto’s revolutionaryfirst product.

The prototypeversion of the device, capable of beaming pockets of sound outside the listener’s ears without the need for speakers or headphones and with minimal disturbance to people nearby, firstdebuted in November 2020, receiving global media acclaim.

The investment follows Noveto’s successfulKickstarterpre-sales campaign in February 2021, with backers from across the world pledging over $225k within only two weeks.

Eric Munson, Founder, and CEO, Adit Ventures, joins the Noveto Board of Directors to help the company towards its goal of releasing its first product to market by December 2021. Munson founded Adit Ventures in 2014 and leans on over 35 years of investment experience, having built, developed, and managed 24 funds, raising assets in excess of $20B+ during his career.

Noveto today also revealed the milestone of securing its first distribution partner, novisgroup, set to distribute Noveto products in Switzerland.novisgrouphas a strong track record of successful partnerships in the audio technology space, working with innovative brands like Sonos, which became household names and icons of audio innovation.

Dr. Christophe Ramstein, CEO, Noveto, previously held the role of Head of Global Engineering at Logitech and boasts an outstanding record of innovation with dozens oftechnology patentsto his name, including haptic technology patents used by Apple and Samsung.

The first product not only delivers a new listening experience but is also infused with AI, turning the device into a smart assistant compatible device that connects to your smart home network. Featuring a depth camera with AI-based built-in face tracking and voice recognition, advanced microphones, and sensors, the device enables a simple and intuitive personalized experience – a benchmark for the future of smart living.

The desktop device is simple to use, paired via Bluetoothto any device (PC, tablet, TV, mobile phone). The acoustic waves are controlled by state-of-the-art patented DSP engines and algorithms alongside the Noveto proprietary chipset. The device comes alive with the backing of Noveto’s engineering partner – Foxconn, the biggest consumer electronics manufacturer globally.

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