Leading law firm Blake Morgan has helped Southampton-based start-up Audioscenic to gain £1.5m in investment in the latest funding round for the business, which is developing immersive 3D audio technology.
Audioscenic heard in November that investors Foresight Williams would be contributing £1.05m towards the new technology. The product, an advanced soundbar, uses separate beamed soundwaves and head tracking technology to create an immersive 3D audio experience without the need for the listener to remain still or use any wearable device. This new investment comes alongside an additional £525k from Audioscenic’s existing investors, IP Group.
Audioscenic was created in 2017 as a spin out from the University of Southampton’s Institute of Sound and Vibrational Research. It plans to use the funding to hire additional technical and commercial staff and to launch its technology to select customers. The money will help the business both to develop the current soundbar technology, and to expand its immersive audio offering.
The Blake Morgan team for the project was run out of the Thames Valley office by Guy Constant and Mary Pears, supported by Francesca Bird. The team advised Audioscenic throughout this latest funding round which finished in early November. This work included preparing for and undertaking all negotiations required to finalise the transaction documents and the completion of the investment. Blake Morgan have worked with Audioscenic since advising on a licensing deal in May 2019.
Guy Constant, partner at Blake Morgan, said: “Audioscenic are innovators in the field of sound technology, and Blake Morgan is pleased to have supported the development of this exciting product concept. We look forward to seeing the next steps Audioscenic make with this investment, and hope we will work with them further in the coming years to support their ongoing growth.”