Since you are using a version of Excel with the CONCAT function... and assuming there are not leading punctuation marks for any of the words (in other words, a word won't have a opening parenthesis, dash, etc. in front of it) and that the only letter that needs to be looked at is the one after a space character... then this array-entered** formula should do what you want...
**Commit this formula using CTRL+SHIFT+ENTER and not just Enter by itself
NOTE: This formula assumes none of your text will contain more than 99 characters. If they could contain more, than all three 99's will have to be increased to a number equal to or larger than the longest possible text string.
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