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Foxconn participates in $106m funding round of Paris-based Devialet

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Paris-headquartered speaker and audio systems developer Devialet has raised €100 million ($106 million) funding from a group of investors including Hon Hai Precision Industry Co Ltd, a company behind consumer electronic manufacturer Foxconn Technology Group.

The round was led by European investment fund Ginko Ventures in which other investors like Groupe Renault, Sharp Corporation, Playground Global, Naver, Roc Nation, Future French Champions, CM-CIC Investissement and Bpifrance also participated, the company said in a press note.

Devialet will use the money for rolling out its technology across automotive, television and Internet of Things (IoT) industries besides using funds for expansion of distribution networks and for enhancing R&D capabilities.

SEE ALSO: India’s Snapdeal to raise USD500m from Alibaba, SoftBank, Foxconn 

As part of the deal, Fleur Pellerin and Jean-François Baril will join Devialet’s board of directors as directors while Caroline Giral (CM-CIC Investissement) and Marc Auberger (FFC) will become part of company’s board as board observers.

“This fundraising marks a new stage in our incredible development towards a global tech company and leader in our industry,” Saud Quentin Sannié, co-founder and CEO of Devialet.

“Our ambition is to be the pioneering role model of technology at the service of emotion throughout the world. We are extremely happy and proud to welcome the new investors, they will support our geographical influence, especially in Asia and the US,” Sannié added.

Devialet employs over 230 people and claims to double its turnover every year.

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