Convert Technologies’ investment round with Shadow Foundr enters its final few days with the target of £300k tantalisingly close to conclusion. The campaign runs until 17th September.
Convert’s ground-breaking licensing model, working with large established brands who have market reach to drive excellent sales numbers, is starting to reap dividends. The big brands have the distribution, sales and marketing muscle, what they don’t have is an ability to innovate and that’s where Convert comes in.
Recent positive news regarding Convert’s model and technology includes the announcement that it is nearing agreement on a licensing deal with Sennheiser, one of the world’s leading manufacturers of headphones, on a potentially lucrative project involving two new products. Sennheiser has forecast the annual licence revenue would be circ. £500k for each product.
In addition, ION, a recognized global leader in lifestyle consumer electronics, recently launched the EZ Vinyl 2 converter app, which, for the first time, allows customers to record their vinyl music library straight to their devices. EZ Vinyl 2 utilizes a powerful new engine developed in partnership with Convert Technologies, and Convert will earn a healthy percentage of all sales via Apple App Store, Google Play and the Amazon App Store.
ION has also agreed to implement Convert’s CD ripping technology under its own brand, which is part of ION’s DJ professional range. The company is targeting an end of October release. Further licensing opportunity discussions will take place through September.
Additionally, Convert is in advanced discussions with a second US turntable manufacturer to follow the same model as the ION EZ Vinyl app, with a release timetabled for pre-Christmas 2018. This manufacturer currently sells one million turntables per annum.
Convert is also negotiating with an established UK hi-fi brand about providing them with a headphone amplifier using its patented VOC-AL platform (Variable Output Class A lookahead). And initial discussions with a major UK branded DAB radio manufacturer regarding licensing Convert’s streaming technology are progressing well.
Backed by lead investor, Mel Morris, formerly of King Games (who produced Candy Crush), which sold to Activision for $5.9bn in 2016, Convert is led by an experienced team with many successful exits, including the sale of Nexsan Technologies to iMation Corporation for $120m in 2012. With protected IP, grant money vindication, retail traction, a huge market to tap into and the potential to move into other sectors, Convert is well placed to deliver a period of rapid growth.
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