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Story by
Serena Haththotuwa
November 22, 2022
Neural DSP, the Finnish company in the future of music technology, has announced that its CEO, Douglas Castro, has been named the winner of the prestigious 2022 EY Entrepreneur of the Year Award program for Finland.
The recognition celebrates Castro’s leadership in founding and scaling Neural DSP, which – through breakthroughs in artificial intelligence, machine learning, and neural networking – has established a new paradigm in music technology for artists and producers.
The annual EY Entrepreneur Of The Year competition recognises entrepreneurs who inspire others with their vision, leadership and achievements. 51 Finnish companies participated in the 2022 competition, and winners were recognized at a gala held on Friday, November 4th at Vanha Ylioppilastalo, a ballroom and music hall in Helsinki, Finland.
Winners of the award program were chosen by an independent jury broadly representing Finnish business expertise, led by growth company investor and board professional Leena Niemistö. As the winner of the competition, Castro will represent Finland in the annual EY World Entrepreneur Of The Year competition in June 2023.
“Winning this most prestigious entrepreneurship award is a great honor – not only for me, but also for our entire Neural DSP team that’s committed to pioneering deep tech breakthroughs to create a new generation of hardware and software solutions that allow musicians, composers, and producers to explore the depths of their creativity,” stated Castro. “While my name may be on the trophy, it’s a recognition and award that belongs to the entire Neural DSP team – and a signal that our collective hardwork and dedication is resonating not just in Finland but globally.”
An avid bass player, Castro kicked off his career as a successful entrepreneur in 2009 by founding Darkglass, a company that creates premium handmade bass gear, designed and engineered in Finland. In 2017, Castro founded a second company – Neural DSP – which creates next generation technology solutions for guitarists and musicians.
“Warm congratulations to Douglas Castro and Neural DSP for winning the competition! Castro has built his unique entrepreneurial story by combining his passion for music and innovative technological know-how. Neural DSP has grown profitably in a short time, which speaks of the entrepreneur’s strong skills,” said Leena Niemistö, president of the jury, about the award criteria.
“We stand out from our competitors with our ability to create sophisticated software and state-of-the-art hardware equipment for musicians,” stated Francisco Cresp, co-founder and Chief Product Officer, who is also a guitarist and music producer. “Our products sound exactly the same as traditional devices, so musicians can keep the distinctive sounds of their instruments even with digitized devices.”
Employing over a hundred people, Neural DSP has quickly become a growth company with positive cash flow. The company’s product portfolio consists of both software and hardware products. In 2021, half of its revenue was accrued from software sales while the other half from hardware. The company plans to 5X its revenue over the next three years, by 2025, and the serviceable available market (SOM) of Neural DSP’s current portfolio is estimated at $3.5 billion.
“The Neural DSP team has a lot to be proud of, but this is only just the beginning,” added Castro. “With the music industry booming, there are many more tones and sonic experiences we want to create for our community. It’s an exciting time of growth for our team – both in product development but also in team and talent – well-positioning us for even more success in 2023 and beyond.”
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