Deepgram Raises $47 Million
Deepgram has raised $47 million in equity funding, completing a Series B round in which the company raised $72 million.
Deepgram plans to use the funds to further develop its artificial intelligence-powered voice understanding with an audio-first foundation to incorporate nuances of intonation and inflection into its sentiment analysis, speaker labeling, summarization and more. The company recently expanded its feature set to include topic detection, language detection, and translation to deliver conversational context for enterprise analytics and expand internationally.
"We're building the foundational AI models for understanding human speech," CEO Scott Stephenson said in a statement. "Understanding speech at scale starts with accurate transcriptions, but it doesn't stop there. At Deepgram, we view accurate transcription as an increasingly solved problem for many of the more than 100 languages we work with. That's the groundwork upon which we're building the future of speech understanding: to give our customers insight into not just what was said, but how it was said, which can result in an actionable understanding of why it was said."
"Audio is among the largest and most data-rich pools of value that companies have left mostly untouched because the tools to analyze and understand that data simply weren't there, weren't fast enough, or were prohibitively expensive to implement," said Karan Mehandru, managing director of Madrona, the leading investor in the funding round, in a statement. "Deepgram enables any developer at any company to unlock the value of voice by delivering new speech intelligence capabilities on top of already world-class transcriptions, all through a straightforward developer experience and at an affordable price. We're excited by Deepgram's traction over the past 12 months and are thrilled to back the team and technology behind the voice revolution."