Brokers and fund managers remain positive on small cap market darling Audinate after it completed an oversubscribed $28 million institutional placement on Thursday at $5.15 per share, with plans to raise another $12 million from retail investors.

Sydney-based Audinate has latched on to a $1 billion market for its home-grown audio technology, but the group's sales have suffered through COVID-19, with full-year revenue of $US20.4 million flat on the prior year. Restrictions around public gatherings, which Audinate's sound technology tends to serve, have caused demand and take-up to suffer just like airlines, hotels and events businesses.