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Icelandic Treble Technologies has raised $18 million in an extension of its Series A round. Paladin Capital Group led the investment; existing investors KOMPAS VC, Frumtak Ventures, EIC Fund and Omega ehf also participated. Treble has now raised more than $40 million since its founding in 2020.
Treble, headquartered in Reykjavik, builds a platform that enables companies to simulate acoustic environments in order to train and test voice AI models. Customers include Amazon and Logitech. According to the company, three of the five largest technology corporations in the world and several major engineering consultancies also use the platform, although Treble does not disclose those names publicly.
The announcement follows a Series A of €11 million (approximately $12 million) that Treble closed in September 2024. The platform itself went live in 2023.
Treble addresses a practical challenge in voice AI development: training a model to handle acoustic variation requires large volumes of audio data recorded across a wide range of spaces. Collecting that data in real-world settings is time-consuming and costly. Treble simulates those environments digitally, allowing developers to obtain training data faster and at lower cost.
According to Treble, its simulation technology is more than one hundred times faster than existing acoustic simulation solutions. The company was founded in 2020 by Dr. Finnur Pind (CEO), Jesper Pedersen (Chief Engineer) and Gunnar P. Hauksson (CCO). All three come from backgrounds in acoustic research and engineering.
The platform is now being used by voice AI model developers, manufacturers of AI wearables and robotics companies. This breadth of users points to growing demand for simulated acoustic testing environments as more devices need to handle voice commands.
The choice of Paladin Capital Group as lead investor is notable. Paladin is a US investment firm focused on technology with applications in sectors such as defence, security and critical infrastructure. Paladin's involvement suggests that Treble's technology is considered relevant beyond consumer electronics, although the company itself offers no further explanation for that choice.
Existing shareholders KOMPAS VC, Frumtak Ventures, EIC Fund and Omega ehf participated again. EIC Fund is the investment vehicle of the European Innovation Council, the European programme that finances deep-tech startups. Their repeated participation indicates that earlier expectations regarding the company's progress have been met.
Treble has not disclosed in detail how the $18 million will be deployed. Given the company's stage and its growing customer base, investment in product development and international expansion seems the logical direction, but the company has not confirmed this.
What is clear is that the company has attracted scalable enterprise customers at a rapid pace in recent years. In addition to Amazon and Logitech, major players from the automotive and building sectors use the platform. For a company that launched in 2023, that represents a relatively broad reach in a short period of time.
Treble is an example of how serious deep-tech companies are emerging outside the traditional European tech hubs such as Amsterdam, Stockholm and Berlin. Iceland has a small but active startup ecosystem, partly driven by universities with strong research traditions in engineering and the natural sciences.
For European investors and policymakers, Treble's funding structure is also of interest: the combination of EIC money at the early stage and private capital injection at the growth stage aligns with the model the European Commission has in mind when supporting deep tech. Whether that model works consistently enough to allow European AI infrastructure companies to scale significantly remains an open question, but Treble provides a concrete example of what such a trajectory can look like in practice.
This article draws in part on the following sources.
Innovation Industries currently manages approximately 900 million euros across three funds and focuses on deeptech companies in the Benelux and Germany. The fund was founded in 2017 by four partners with backgrounds in engineering, law and operations.
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