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

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news