Online investment platform SyndicateRoom announced today that it has supported Warwick Audio in a £2.2mln funding round, as part of a larger financing activity bringing in more than £3mln 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.
Headphone market estimated to be worth around US$20bn
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 US$20bn in 2016 according to Global Market Insights and is set to reach US$25bn by 2024.
Furthermore, the automotive audio market is estimated by Warwick Audio Technologies to be worth approximately US$3.5bn per annum.
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.
Technology taps into a moment for the automotive industry
Mike Grant, Warwick Audio’s executive chairman, commented: “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.”
Gonçalo de Vasconcelos, CEO and co-founder of SyndicateRoom noted that Warwick Audio raise funds with the platform last year.
He commented. “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.”