Audio Analytic Closes $5.5M Series A Funding Round
Audio Analytic, the Artificial Intelligence company addressing sound recognition, today announced the closing of a $5.5m Series A round. Cambridge Innovation Capital led the round, with IQ Capital, Rockspring, Cambridge Angels and Martlet participating.
The funding will enable the company to scale and meet growing Smart Home OEM demand for its Artificial Audio Intelligence software, ai3™. “In the last two years, Smart Home device ownership has more than doubled,” said Stuart Sikes, President of research firm Parks Associates. “We estimate companies will sell almost 55 million smart home devices in 2020.”
Founded in 2008, Audio Analytic has pioneered the development and commercialisation of intelligent sound recognition using advanced machine learning. Its innovative ai3™ software enables devices to recognise significant sounds and take automated action.
Audio Analytic works with Smart Home original equipment manufacturers and chip companies, with a range of consumer devices containing ai3™ software already in the market and more slated to launch in 2017.
This Series A funding follows previous rounds in 2014 and 2015, bringing the company’s total money raised to $8 million. The new round will enable the company to scale to meet increasing customer demand – doubling its team to 50 employees within the next 12 months – and introduce new sound profiles and features to the growing ai3™ platform.
Victor Christou, CEO at Cambridge Innovation Capital, said “Audio Analytic’s market traction over the past 18 months has been highly impressive in the rapidly growing smart home market. We’re delighted to lead this series A round and continue our support of one of the world’s most exciting AI companies.”
Dr. Chris Mitchell, Audio Analytic’s Founder and CEO, said “At Audio Analytic, we believe every sound tells a story, especially in the home. This $5.5m Series A round will enable us to meet growing customer demand for our Artificial Audio Intelligence and continue to develop the recognition of new sounds with the ai3™ platform.
“2017 promises to be the year of the Smart Home and AI – we are excited to be working with our customers right at the intersection of these two seismic industries.”
About Audio Analytic
Audio Analytic is the world’s leading provider of sound recognition software. Our ai3™ software enables device manufacturers, chip companies and service providers to enable products with Artificial Audio Intelligence, recognizing and automatically responding to sounds such as smoke and CO alarms, breaking window glass – even a baby’s cry. Recognizing sound within the Smart Home allows manufacturers and service providers to open up a range of compelling new applications for smarter living.
Source: Audio Analytic Press Release