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Cantab Research (t / a Speechmatics) secures £ 50m investment in Series B led by Susquehanna Growth Equity – UK Technology Investment News

Cambridge, UK June 28, 2022 Spectrologythe leading expansion of speech recognition technology, raised $ 62 million in Series B funding. Led by Susquehanna Growth Equity with the participation of existing investors AlbionVC And Capital IQthe funding will be used to support Speechmatics’ vision of being a world-leading voice platform capable of understanding every voice with human-level accuracy.

A global expert in deep learning and speech recognition, Speechmatics has created the most accurate and inclusive text-to-speech engine available. Its purpose is to understand each voice regardless of the demographic, age, gender, accent, dialect or position of the speaker. Historically, training data had to be tagged, classified or “tagged” manually and thus acceptable accuracy was only possible for a small group of speakers of greater commercial value. After a major breakthrough in 2021, the Speechmatics speech synthesis engine is now being trained through exposure to hundreds of thousands of individual voices using millions of hours of untagged and more representative speech data that does not require human intervention. This has enabled a paradigm shift in accuracy, particularly for non-English languages, dramatically reducing both AI bias and speech recognition errors. *

The Speechmatics engine already includes 34 languages ​​for live and pre-recorded media. Industry-leading features include advanced punctuation and entity formatting (formatting of numbers, currencies and addresses). Speechmatics works with customers and partners in any industry and with any use case: on-premise, via the cloud and hybrid. Organizations ranging from 3Play Media, Veritone, Deloitte UK and Vonage to government departments around the world are already leveraging its accuracy.

Speechmatics is headquartered in Cambridge, UK, with offices in London, Boston, USA, Chennai, India and Brno, Czech Republic. The investment will be used to support global expansion in the US and Asia Pacific, enhancing infrastructure, especially the capacity of the data center and adding further firepower to its research and development to provide an even more accurate understanding of even more rumors.

Katy Wigdahl, CEO of Speechmatics, said: “Our progress over the past few years has left us inundated with investor interest in our Series B fundraiser. We have chosen to work with Susquehanna Growth Equity because she has a fantastic global footprint. and a history of supporting significant growth in the software business.The team is smart and ambitious but also pragmatic, which is critical in this environment.

Patient capital will allow us to double our vision to bridge the gap between humanity and machines, which is incredibly exciting. The Speechmatics team is extremely ambitious. We have a true heritage in speech technology combined with some of the most talented speech and machine learning experts in the world. We look forward to accelerating our growth and unlocking the understanding of more and more voices. “

Jonathan Klahr, chief executive officer of Susquehanna Growth Equity, said, “The Speechmatics team is undoubtedly a different pedigree of technologists. We began monitoring Speechmatics when our portfolio companies told us that Speechmatics wins again and again for accuracy against all other options, including those from “Big Tech” players. We are ready to work with the team to ensure that more companies can be exposed and adopt this superior technology. “

Robert Whitby-Smith, partner of AlbionVC, said: “Our view is that voice will become the increasingly dominant human-machine interface and Speechmatics is the class leader in applying deep learning to speech, with accuracy and understanding. that define the category in all industry use cases and requirements. We have seen impressive team and product growth in recent 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 “.

Jonathan Klahr, chief executive of Susquehanna Growth Equity, will join the board of Speechmatics.

*Based on the datasets used in Stanford’s “Racial Disparities in Speech Recognition” study, Speechmatics recorded an overall accuracy of 82.8% for African American voices compared to Google (68.6%) and Amazon (68, 6). This level of accuracy equates to a 45% reduction in speech recognition errors – the equivalent of three words in an average sentence.

Additional quote:

Ed Stacey, Managing Partner of IQ Capital, said: “Since we invested in the seed round, we have supported Speechmatics to become a world-leading company that is revolutionizing the way voice technology is used, continually driving innovations in the world. ‘artificial intelligence and machine learning while launching a product that simply works in every use case in the industry it has been tried in. We are delighted to continue to support this highly talented team as part of the new round of investment. “

About Speechmatics

Speechmatics® is the world’s leading deep learning and speech recognition expert, delivering accurate speech recognition through the world’s first self-contained speech recognition engine. Speechmatics’ speech recognition technology is used by businesses in scenarios such as media and entertainment, contact centers, CRM, financial services, security and software.

Speechmatics processes millions of transcription hours worldwide each month in 34 languages. Pioneering machine learning speech engineering, Speechmatics enables companies to build applications that detect and transcribe speech in any context and in real time. Its neural networks consider acoustics, languages, dialects, multiple speakers, punctuation, capitalization, context and implicit meanings.

In 2019 Speechmatics received the Queen’s Award for Enterprise Innovation. Its offices are in Cambridge, UK, London, UK, Denver, USA, Chennai, India and Brno, Czech Republic. Speechmatics is a registered trademark.www.speechmatics.com

About Susquehanna Growth Equity (SGE):

Susquehanna Growth Equity (SGE) is an entrepreneur-centric growth equity fund with flexible capital and time horizons. SGE focuses exclusively on growing Internet, software and information services companies. The company has invested over $ 3 billion in over 70 market-leading technology companies such as Credit Karma, HighRadius, iCIMS and Payoneer over the past 16 years and has portfolio companies in the US, Canada, the EU and Israel. . SGE is backed by a single and patient source of capital, which allows the company to offer entrepreneurs and management teams the freedom and flexibility to maximize growth. To learn more, visit www.sgep.com.

About Albion:

AlbionVC supports visionary founders with long-term capital and scale-up expertise. Collaborate with UK early stage B2B software and healthcare companies. AlbionVC manages c. $ 1 billion in venture funds, currently invested in over 50 companies. AlbionVC is the technology investment arm of Albion Capital Group LLP, which is authorized and regulated by the Financial Conduct Authority. www.albion.vc

About IQ Capital:

IQ Capital is the leading venture capital firm in the deep technology sector. Headquartered in London and Cambridge, IQ Capital invests in early stage deeptech businesses that use technologies that are difficult to replicate in huge global markets, in sectors including software, hardware, materials, healthcare technology and life sciences.

The more than 50 companies in IQ Capital’s portfolio are visionary and address some of the world’s biggest problems to dominate their respective markets on a global scale and grow rapidly to become industry leaders. Our initial investments in Seed and Series A range from £ 0.5 million to £ 10 million, with a follow-up investment capacity of up to £ 30 million through our Growth Fund.

The IQ Capital team has secured over 20 exits, from companies including M&A to Apple, Google, Facebook, Oracle and several IPOs. IQ Capital has led over 30 investments over the past three years in outstanding companies including Thought Machine, Privitar, FNA, Paragraf, causaLens, Neurovalens, Concirrus, Fluidic Analytics, CybSafe, Nyobolt. https://iqcapital.vc/

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Cantab Research (t / a Speechmatics) secures £ 50m investment in Series B led by Susquehanna Growth Equity – UK Technology Investment News

Source link Cantab Research (t / a Speechmatics) secures £ 50m investment in Series B led by Susquehanna Growth Equity – UK Technology Investment News

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