Martlet and Peter Cowley invest in AI company Audio Analytic
Audio Analytic, the artificial intelligence company addressing sound recognition, announced the closing of a $5.5m Series A round on 3rd January. Cambridge Innovation Capital led the round, with IQ Capital, Rockspring, Cambridge Angels and Martlet – including Peter Cowley, UKBAA Angel of the Year for 2014/15 – participating.
The funding will enable the company to scale and meet growing smart home OEM (original equipment manufacturer) 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.