Warwick Acoustics secures £7 million Series A investment led by Mercia Ventures
Summary
Warwick Acoustics the UK company whose patented loudspeaker technology is set to revolutionise in-car audio systems has raised a further \xa37m in a funding round led by Mercia Ventures and including NFU Mutual and a range of private investors.The funding will enable the company to invest in a new state of art manufacturing facility and ramp up manufacturing capacity. They are manufactured from upcycled and easy to recycle materials, and, unlike conventional loudspeakers, use no rare earth metals.A spin-out from Warwick Universitys engineering department, the Nuneaton-based company has already used its technology to launch a range of premium headphone systems, which have won over 30 industry awards and retail at prices up to \xa350,000.Warwick Acoustics first automotive system production contract, which was announced in June last year, will initially be for two vehicle programs. The support we have received from these major institutions is a testament to the hard work and outstanding commercial progress that my team have been able to make over the last eighteen months. We are excited by the potential opportunities ahead of us that this funding round will enable us to address.We have supported Warwick Acoustics since 2009, as the business resolved technical challenges and progressed in the commercialisation of its technology. The Group has 11 offices in the UK, and Mercia Ventures national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions.