Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwi Startup TranscribeMe Raises over $1.2m from Investors

Press Release

Kiwi Startup TranscribeMe Raises over $1.2m from Investors in New Zealand and Silicon Valley

Oversubscribed funding round draws attention to TranscribeMe’s potential to grow its market leadership worldwide

Auckland, November 29, 2012

-- TranscribeMe, an innovator in the voice--to--text transcription space, has successfully closed an oversubscribed Angel Investment Round, raising NZD $1.2 million from private investors in New Zealand, US and Europe.

The funds raised will be used to support the rapid growth of TranscribeMe’s hybrid transcription platform, which uniquely converts audio and video into searchable and shareable text. As early investors in the venture, New Zealand--based ICE Angels continued to back the company in this round with additional investment.

Joining ICE Angels were investors from leading US--based syndicates including Tech Coast Angels, Sierra Angels and Maverick Angels. Bringing together global investors into a venture round in a New Zealand startup gave TranscribeMe access to not only investment capital, but also access to the business networks of the new investors in global markets. “It is exciting to see local and offshore Angels invest in the growth of TranscribeMe,” says The ICEHOUSE CEO Andy Hamilton, “This country’s dynamic start--ups are an important economic engine and we need investors to step up to allow them to focus on building getting traction in their niche and growing internationally.”

A Kiwi startup founded at Startup Weekend Auckland 2011, TranscribeMe’s mission is to maximize the value of audio and video content through transcription. To achieve this goal, the team at TranscribeMe pioneered a hybrid platform that combines speech recognition algorithms with the power of crowd--sourced transcribers working from all over the world.

TranscribeMe efficiency comes from its ability to intelligently process, slice and micro--task the transcription of audio and video. This round of funding will enable the company to accelerate the growth of its crowd and make the service available to a wider customer base. “TranscribeMe is a new platform for accurately converting voice to text using our voice recognition and micro--tasking technology,” says CEO Alexei Dunayev.

“It is scalable, confidential, and specialized and our global on--demand service delivers 500% increased efficiency service to customers from market research to education and medical practitioners.”


Microtasking is the next wave in efficient workforce management. By building its own platform for managing crowd workers rather than using a traditional marketplace model, TranscribeMe is able to deliver a secure and confidential service, as well as control, train, and up--skill its crowd of thousands of workers. TranscribeMe also has established integration partnerships with Evernote, Livescribe and select VoIP providers. Industry thought leaders like GigaOM note that a key limitation in the crowd labor marketplace has been platform weakness. Supported from early stages by Microsoft New Zealand and recently promoted to the prestigious Microsoft BizSpark One partnership program, TranscribeMe leverages a stable and secure Windows Azure foundation on which to build its key specialization – complex audio processing, by using proprietary automated speech recognition technology and intelligent crowd--sourced micro--tasking.

About TranscribeMe

TranscribeMe makes audio and video content searchable and shareable by converting speech--to-- text, fast. The company delivers best--in--class audio conversion using a hybrid model that combines software with a crowd--sourced human platform. TranscribeMe offers a fast, accurate and highly available transcription service for medical professionals, corporations, conferences, writers, podcasters and academics to analyze, search, share and monetize their audio content by transcribing it to word--for--word perfect text. ###

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news