Cambridge Innovation Capital has led a £4.3 million Series A funding of Audio Analytic, the artificial intelligence company addressing sound recognition. IQ Capital, Rockspring, Cambridge Angels and Martlet also participated in the round. The funding will enable the company to scale and meet growing Smart Home OEM demand for its Artificial Audio Intelligence software, ai3™.
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. According to research firm Parks Associates, in the last two years Smart Home device ownership has more than doubled, and it estimates that companies will sell almost 55 million smart home devices in 2020.
The funds from this new round will enable the company to scale to meet increasing customer demand and to introduce new sound profiles and features to the 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 artificial intelligence companies.”
Dr Chris Mitchell, Audio Analytic’s Founder and CEO, added, “At Audio Analytic, we believe every sound tells a story, especially in the home. This 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.”
Audio Analytic also is also showcasing some new functionality of its ai3™ platform at CES in Las Vegas. More information on the new features is available here.