Calgary, Alberta-based iConnectivity recently raised $1.6m in funding (read here). Michael Loh, Founder and CEO, joined us to speak about the company, its products, the funding and future plans.
FinSMEs: Hello, Michael, thank you for joining us. First, can you tell us a bit more about iConnectivity?
Michael: iConnectivity develops hardware for musicians that adds mobile devices and computers to their toolset, and is changing the way musicians wire their gear through network connectivity capabilities. The products we make and the people we reach are all part of why we dare to create devices that reduce complexity and cost for everyone with a passion for creating, recording, exploring or supporting music.
FinSMEs: What is it? How does it work?
Michael: Our first product, iConnectMIDI, is a data management system for musicians. This device routes Musical Instrument Digital Interface (MIDI) data between mobile devices, computers, and new and old digital musical instruments. This means users can integrate new digital equipment with vintage equipment to create new methods of producing and recording music.
FinSMEs: What’s your business model?
Michael: iConnectivity is a consumer product company specializing in the Music Industry. We sell our products to new and professional musicians direct or through music retail channels.
FinSMEs: Could you tell us a bit more about the features that differentiate the service from competitors?
Michael: iConnectivity’s products target introducing new innovations into the music industry, reducing complexity and costs while providing new features for musicians.
FinSMEs: Why did you start thinking about raising capital?
Michael: To support our R&D, marketing and manufacturing efforts.
FinSMEs: Today, many tech companies try to raise venture capital, I know that this is not easy. What did you do to reach the target? Was it easy to close the deal?
Michael: Perseverance. Our company resides in an energy centric community, therefore, communicating our concepts is a great challenge. We persevered and began connecting with the right contact and our concepts started gaining traction. As our network grows, so does our company awareness and interest from investors.
FinSMEs: Who are the investors?
Michael: Friends and family, local sophisticated Angels, and AVAC Ltd.
FinSMEs: How are you using the capital?
Michael: To accelerate the development and launch of additional products into the market. In addition to attracting the resources to support our initiatives to strengthen our position within the music industry.
FinSMEs: Do you already plan to raise an additional round? And what’s your future plans?
Michael: Yes, we are looking to raise an additional round this Fall 2012.
FinSMEs
20/08/2012