DSP Concepts has also announced the appointment of a new Executive Chairman Yuchun Lee.
The investment was led by Lee, an entrepreneur investor, with participation from other investors including Sony Innovation Fund, Subaru, and Porsche Digital. The Series C funding will be used to support DSP Concepts' continued growth and bring its total investment secured to $55 million.
Lee has joined DSP Concepts as Executive Chairman, with many years of CEO experience scaling companies ranging from start-ups to publicly traded firms.
"DSP Concepts' technology and audio engineering talents have made it the clear leader in the emerging Audio of Things market", said Lee. "Leading companies in the automotive and consumer electronics industries rely on DSP Concepts solutions when they need to rapidly and reliably embed sound and voice features into their products. DSP Concepts' technology is becoming the industry standard because it can dramatically reduce product development time and cost while appreciably improving audio performance and processing efficiency, opening up additional opportunities for product innovation."
"These additional funds will provide significant support to our continued expansion," said Chin Beckmann, CEO and co-founder of DSP Concepts. "We have grown our revenue by more than 100% since 2019 and are seeing our growth accelerate into 2022. The additional funding will help us keep ahead of audio technology trends and continue our effort in solving challenging acoustic and engineering problems for our customers and partners."
Unlike conventional audio feature development, DSP Concepts offers products and services for AoT that are processor agnostic and fully customisable.
"The opportunity for the Audio of Things is ever expanding, with the addressable market for audio products presently standing at just under 3.5 billion devices in 2021, of which 2.1 billion integrate voice processing," according to Simon Forrest, Principal Technology Analyst, Futuresource Consulting.