News & Articles
Adam Street advises IRIS Audio Technologies on its growth capital raise
Adam Street Advisers (“Adam Street”) is pleased to announce that it has acted as financial adviser to IRIS Audio Technologies (“IRIS Audio”) on its $7 million Series A funding round led by Puma Private Equity to drive growth in the US.
IRIS Audio is a cutting-edge audio technology company with a suite of patented products that leverages decades of research into the effects of sound on the brain. Its flagship product, IRIS Clarity, uses the most advanced AI to remove background noise from calls, shortening Average Handling Time (AHT) by up to 11%, reducing sound-proofing costs by more than 50%, eliminating noise-related complaints from both customers and agents by 98%, and improving transcription accuracy — and thereby speech analytics — by more than 10%.
IRIS Audio’s SaaS solutions have been developed in partnership with Goldsmiths University and Mount Sinai university hospital, using research on the neurological effects of audio stimuli to develop technology that’s proven to stimulate the brain and enable Active Listening™.
The investment round was led by Puma Private Equity and featured participation from investors: the Ojjeh family, TAG Group and Toby Brzoznowski. Brzoznowski who co-founded LLamasoft and subsequently grew it to a successful $1.5bn acquisition in 2020 has also joined the business as EVP Americas.
Jacobi Anstruther, Founder and CEO of IRIS Audio Technologies, commented “As we started to structure the Series A, we were intent on finding investors who could add long-term strategic value, not just immediate funds. Adam Street Advisers understood the needs of our business and provided great networking opportunities to ensure this vital requirement was met."
The transaction highlights Adam Street’s in-depth knowledge of the private capital markets to achieve successful outcomes for category defining businesses. We specialise in working with entrepreneurs, shareholders, and management teams of private companies on selling and acquiring businesses, advising on raising growth capital from private equity and venture capital funds, family offices and alternative capital providers.
For further information please contact Adam Street Advisers:
Amir Tayebi, Partner