Warwick Audio gets ready to make some noise with £2.2 million raise
Online investment platform SyndicateRoom today announces that it has supported Warwick Audio in a £2.2m funding round, as part of a larger financing activity bringing in more than £3m to the company. The funds will support Warwick Audio as it prepares to push its patented technology into the automotive market. The round was backed by leading private investment firm, Mercia Technologies.
Warwick Audio has created and patented a new type of electrostatic laminate technology for headphones and loudspeakers, which aims to revolutionise the in-car audio experience. The thin, lightweight speakers have the potential deliver significant economic and design benefits to car manufacturers alongside major improvements in audio quality of in-car systems. Designed in a way which can be manufactured automatically, rather than being hand-crafted, the product is also highly scalable and manufacturable at a competitive cost.
The company has already taken its technology to market as part of Sonoma M1 headphone system available in the US, UK, Japan, Italy, Australia, Singapore and Indonesia.
The headphone market was estimated to be worth approximately $20 billion in 2016 according to Global Market Insights and is set to reach $25 billion by 2024. Furthermore, the automotive audio market is estimated by Warwick Audio Technologies to be worth approximately $3.5 billion per annum. There is also a growing demand for automotive premium audio systems, for which the market is forecasted to grow at a 14.93% CARG in the period 2017–21.
As Warwick Audio makes a play for the automotive market, funds from the raise will be used for core technology, prototyping, new product development, and marketing.
“Currently the automotive industry uses mainly magnetic coil technology within its in-car speakers. While simple and cost effective, they tend to take up lots of space and weight, which doesn’t fit with the power-consumption and carbon-emissions-conscious world we live in today,” explained Mike Grant, Executive Chairman, Warwick Audio. “Our technology taps into a moment for the automotive industry, by coupling environmental awareness with a stunning audio experience. We’re excited to take SyndicateRoom’s members on the company’s next journey.”
“We are delighted with the progress which Warwick Audio is making”, commented Mark Payton, CEO, Mercia Fund Management. “This latest investment round demonstrates the significant potential which we see in both the business and the management team”.
“It’s been fantastic to welcome Warwick Audio back to the SyndicateRoom platform after the company raised with us last year,” commented Gonçalo de Vasconcelos, CEO and Co-founder, SyndicateRoom. “With its credible and experienced team, and its traction with audiophiles across the globe, together with an impressive market opportunity, this was a journey that many ambitious investors on our platform wanted to be a part of.”