Experienced executive Yuchun Lee is appointed as Executive Chairman
DSP Concepts, the visionary company enabling the “Audio of Things” and the creator of the Audio Weaver framework that powers sound and voice features in many of the world’s leading consumer and automotive brands, announced that it has successfully closed $28 million in Series C funding.
The investment was led by entrepreneur investor, Mr. Yuchun Lee, with participation from new and previous investors including Sony Innovation Fund, Subaru, Porsche Digital, and others. The Series C funding will fuel DSP Concepts’ continued growth and bring its total investment secured to $55 million.
Yuchun Lee has now joined DSP Concepts as Executive Chairman. Mr. Lee has many years of CEO experience scaling companies ranging from start-ups to publicly traded firms with special focus on building businesses into successful market leaders. Currently, Mr. Lee is the CEO of Allego, the leading sales enablement platform provider; an Executive Partner with venture capital firm General Catalyst Partners; and a member of the board of directors of Vertex Pharmaceutical, a Fortune 500 company.
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“DSP Concepts’ unique technology and audio engineering talents have made it the clear leader in the emerging Audio of Things market”, Mr. Lee said. “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 quickly 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.”
The Audio of Things, or AoT, represents the totality of audio processing technologies that deliver remarkable Audio Experience to a wide range of products including voice control, voice communications, playback, and sensing. Unlike conventional audio feature development, DSP Concepts offers products and services for AoT that are processor agnostic and fully customizable. “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. As the global appetite for audio continues to increase, helped in part by the technological advances in audio processing that DSP Concepts provides, Futuresource anticipates this market will grow at 5% CAGR (2021-2025), reaching a total of 4.1 billion devices by 2025.”
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