Speechmatics Raises $62 Million
Speechmatics, a speech recognition technology provider, has raised $62 million in Series B funding to support its global expansion across the United States and Asia-Pacific and improving its infrastructure.
"Our progress in the last few years left us inundated with interest from investors for our Series B fundraise. We chose to work with Susquehanna Growth Equity because they have a fantastic global footprint and a history of supporting significant growth in software businesses. The team is smart and ambitious but also pragmatic, which is critical in this environment," said Katy Wigdahl, CEO of Speechmatics, in a statement. "The patient capital will enable us to double down on our vision to close the gap between humanity and machines, which is incredibly exciting. The Speechmatics team is hugely ambitious. We have a real heritage in speech technology combined with some of the world's most talented speech and machine learning experts. We cannot wait to accelerate our growth and unlock the understanding of more and more voices."
"The Speechmatics team are undoubtedly a different pedigree of technologists. We started tracking Speechmatics when our portfolio companies told us that again and again Speechmatics wins on accuracy against all the other options, including those coming from big tech players. We are primed to work with the team to ensure that more companies can get exposed to and adopt this superior technology," said Jonathan Klahr, managing director of Susquehanna Growth Equity, in a statement.
"Our view is voice will become the increasingly dominant human-machine interface, and Speechmatics is the category leader in applying deep learning to speech, with category-defining accuracy and understanding across industry use- ase and requirements. We have witnessed the impressive growth of the team and product over the last few years since our Series A investment in 2019, and, as responsible investors, we are delighted to support the company's inclusive mission to understand every voice globally," said Robert Whitby-Smith, partner at AlbionVC, one of the other investors in the round.
"Since investing in the seed round, we've supported Speechmatics to become a world-leading company that is revolutionizing how speech technology is being used, continuously driving AI and machine learning breakthroughs while rolling out a product that simply works in every industry use case in which it's been tried. We're delighted to continue backing this very talented team as part of the new investment round," said Ed Stacey, managing partner at IQ Capital, another investor.