UK Startup Raises $62M for a Speech-to-text AI

Speechmatics, an AI startup company from the UK, revolutionizes verbal communication with an AI solution that can translate speech to text regardless of the accent of its user. 

This powerful idea has led the startup to the $62 million milestones in funding by Susquehanna Growth Equity, a company that was famously an early backer of TikTok.

Having existed since 2006, when it spun out of AI research in Cambridge, the company only raised about $10 million before this latest funding. The previous backers included Albin, IQ, and In-Q-Tel, among other names.

For the duration of its existence, Speechmatics has developed a customer base of around 170. It’s limited to selling B2B, as it powers customer- or business-facing services. 

Today, its engine can translate between 34 languages. However, more languages are in the plan. Along with that, it will also build speech-to-text software that can work in more challenging motor vehicle environments, where the noise can impact how AI registers sounds.

AI is a multi-billion dollar industry, as many statistics prove. A vicious competition between smaller brands and industry giants is ever-present.

Katy Wigdahl, the company CEO, also confirms that Speechmatics is currently competing with global “big tech” giants, making getting your spot in the speech-to-text industry much more challenging.

However, according to her, Speechmatics’s software keeps scoring better in tests than the rest, such as Microsoft, Google and Amazon and their solutions. 

As such, the company could be on a steady trajectory to give major names a run for their money, which is why investors like Susquehanna are so keen to fund its further development.