Phorus Announces $2 Million In Funding
Los Angeles, CA—November 9, 2011 - Los Angeles-based technology start-up phorus announced today that it has raised a $2 million Series A round. The company is aiming to bring the ease of wireless home audio to the millions of people using their smartphones, tablets and PCs as a primary source for music. Given the explosive growth of Android mobile devices and the continued dominance of Windows PCs, phorus has taken the unique approach of creating PlayCast™, a wireless home audio solution that is completely independent of platform or operating system, opening up a hugely untapped market for the first time.
The company’s initial investment round is being used to productize their pioneering technology, including several patent-pending advances that the company expects will further distinguish their approach to wireless home audio from the limited offerings that are available today. Ultimately, the technology will be licensed and sold through major manufacturers, retailers, and device makers globally.
“We’ve assembled an incredible group of engineers - all deeply passionate about audio - and have developed a technology that is poised to be a major leap forward in the emerging wireless home audio space,” said Dannie Lau, founder and CEO of phorus. “This investment is validation of our unique technology and its potential to uncork a major market opportunity. We couldn’t be more pleased.”
Phorus’ senior management team is a combination of industry veterans within the digital audio industry and is led by CEO and founder Dannie Lau, along with CFO Sharon Graves. Lau is a former Vice President of Product Development for Harman International, purveyor of brands such as harman/kardon, JBL and Mark Levinson, and was a co-founder of PhatNoise, an industry pioneer in the mobile MP3 space. In his career, Lau has led the development of multiple award-winning products which earned numerous accolades including CES Innovation Awards, EISA Awards, Best of Shows, and Popular Science’s Best of What’s New.
Graves is the former CEO of PhatNoise and is an advisor to Ascend Venture Group on its investments in emerging technology companies. Graves was previously a principal at Metier Capital Group, a boutique merchant bank established by KKR, and began her career at Goldman Sachs in New York.
Phorus, based in Los Angeles, is building a groundbreaking wireless music playback ecosystem. The company’s PlayCast™ technology instantly integrates phones, tablets, PCs and other devices with intelligent, great-sounding speakers, bringing your music home in a whole new way. The firm was founded by Dannie Lau, former technology executive of Harman International, purveyors of the harman/kardon, JBL, Infinity, and Mark Levinson brands, as well as co-founder of PhatNoise, a mobile entertainment startup that was later acquired by Harman International. For more information, please visit www.phorus.com.
Jonalyn Morris PR for phorus