Cambridge-based Speechmatics raises €7.4 million for the global expansion of its speech recognition technology | EU-Startups
Summary
Speechmatics, a leading European provider of machine learning and automatic speech recognition software, has just raised €7.5 million in Series A funding led by Albion VC; IQ Capital followed on in this round along with several angel investors. Automatic speech recognition technology is now at a tipping point of being a fundamental element of human-machine interaction and is a vital component for businesses integrating machine learning and AI into their strategies across many sectors. The €7.4 million funding will be used to enable product development and geographical expansion, with new offices being opened shortly in Denver USA, Brno in Czech Republic, and Chennai in India. John Milliken, CEO of Speechmatics, stated: “We’ve invested heavily into our product and machine learning capabilities to provide our customers with what we believe is the best speech recognition technology on the market. This latest investment opens up not only global expansion but the opportunity for new product development and traction in new markets.” Robert Whitby-Smith, Partner at AlbionVC commented: “Speech software is a large and rapidly growing market and we believe Speechmatics’ small footprint language models, capable of flexible deployment in the cloud, on-premises or on-device will become of strategic importance in the evolving landscape.
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