- Date 4 Jul 2022
Speechmatics, the leading speech recognition technology scaleup, has raised $62m in Series B funding. Led by Susquehanna Growth Equity with participation from existing investors AlbionVC and IQ Capital, the funding will be used to support Speechmatics’ vision to be a world-leading speech platform, understanding every voice with human-level accuracy.
Global experts in deep learning and speech recognition, Speechmatics has built the most accurate and inclusive speech-to-text engine available. Its aim is to understand every voice regardless of the speakers’ demographic, age, gender, accent, dialect, or location. Historically, training data had to be manually tagged, classified or ‘labelled’ and therefore acceptable accuracy was only viable for a narrow set of the most commercially valuable speakers. Following a major breakthrough in 2021, the Speechmatics speech-to-text engine is now trained through exposure to hundreds of thousands of individual voices using millions of hours of unlabelled, more representative voice data that doesn’t require human intervention. This has enabled a paradigm shift in accuracy, particularly for non-English languages, dramatically reducing both AI bias and errors in speech recognition.*
The Speechmatics engine already understands 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-premises, via the cloud, and hybrid. Organisations ranging from 3Play Media, Veritone, Deloitte UK, and Vonage to government departments across the world already take advantage of its accuracy.