I caught up with VP of Sales at Speechmatics, Jeff Palmer, who told me about their recent Series A funding round led by AlbionVC. Palmer, who joined the Speechmatics team four months ago, shared how Speechmatics intends to use the funding, adding 'we will double our staff this year.'
At its core, Speechmatics helps enterprises understand over 29 spoken languages through Artificial Intelligence and machine learning. Palmer said they already work in the broadcast media industry and provide real-time transcriptions for broadcast news. For enterprises, the automatic speech recognition business helps them leverage live and archived media. Speechmatics does so to shed light on how to best fine-tune business workflows where needed.
They even present an attractive offering for enterprises with call recordings, especially contact centers. By turning speech into text so agents can analyze audio content, Speechmatics can then use its transcription software to detect mood, tone, and customer sentiment. What happens, as a result, is that Speechmatics enables enterprises to enhance CX in real-time - creating an impactful business intelligence tool.
Speechmatics also tackles compliance, quality management, and event reconstruction. If there is ever a dispute in a contact center, its speech recognition engine lets end-users locate and replay stored recordings. This all brings me to today’s Series A funding news, which I see as a great move. Why? Because the money will bring Speechmatics' powerful AI application to more parts of the world.
Speechmatics to Fund Global Expansion
According to Palmer, they plan to fund global expansion, to bring the Cambridge-based company’s speech recognition engine to a more global market. The hybrid solution is available in the cloud and on-premises - an area where Palmer said Speechmatics sees ‘great value' because many companies have yet to fully migrate to the cloud so they rely on hybrid infrastructure.
Jeff Palmer[/caption]
