Belgium-based Auro Technologies has accepted a $28M investment from Beijing Jetsen Technology in exchange for a 20 percent stake of the company’s equity. Auro Technologies says it will be further developing the presence of its immersive 3D audio format market across home cinema, digital cinema, mobile, gaming, automotive, and sound production segments.
After the transaction, Beijing Jetsen Technology will own 20 percent of Auro Technologies’ shares and a mutual strategic alliance will also support Auro Technologies’ business growth throughout China.
The transaction is the first in a series of upcoming announcements, according to the company. The coming months will see further content availability announcements in music and film, plus entry into the mobile device ecosystem, alliances with broadcast and automotive partners, and new offices in the United States and China.
“We are focused on continuing to deliver superior customer experience and innovative products and services, and are striving to make the Auro-3D immersive sound experience available to consumers whenever and wherever they want,” said Wilfried van Baelen, CEO of Auro Technologies. “This strategic alliance with Beijing Jetsen Technology will allow us to make significant growth as a company and provides us with the additional resources needed to succeed as our business plans progress over the course of the next year.”
Beijing Jetsen Technology is a publicly traded company in China’s Shenzhen Stock Exchange [SZSE] engaging in the audio and video production, control, and management systems industries. The company also provides media asset management, cataloging servicing, integrated network solutions, unified monitoring, and surveillance solutions. Jetsen also engages in content production and distribution. Currently Jetsen owns the new media copyright of 5,000 movies and 40,000 drama episodes in China.
Auro Technologies believes that the strategic alliance will help simultaneously further its market share in China, and validate its software and hardware among consumers. Auro’s technology in AR/VR can also enhance Jetsen’s coverage in this potential business sector.
“We are very pleased with our decision to invest in Auro Technologies. Having access to their innovative offerings will give Jetsen a renewed edge in market share and positioning within the Chinese market,” said Shengli Han, CEO of Jetsen Beijing Technology. “We are confident our strategic alliance will help Jetsen grow as a major player in the industry and we look forward to seeing Auro Technologies’ business plans come to fruition. With the past two decade of legacy experience in media entertainment industry, we can leverage our resources to further grow Auro’s business in broadcast and consumer electronic market.”