Speech recognition technology startup Deepgram has closed a $12 million Series A funding round led by Wing VC along with NVIDIA, Y Combinator, and other investors. The funding comes as the company debuts new features for its enterprise-focused automatic speech transcription and analysis platform.
Businesses are growing to rely on artificial intelligence to record, transcribe, and analyze phone calls, meetings, and other audio. The speed and low cost of using AI can make up for the errors and sometimes imprecise analysis that results. Deepgram claims its approach can outperform the industry standard without sacrificing the speed and cost benefits.
“The old way of doing speech recognition is not going to be the same as future versions,” Deepgram CEO Scott Stephenson told Voicebot in an interview. “The heuristics model of speech recognition has too many flaws; it’s why I wanted to start Deepgram. When we began, we decided to start from scratch with end-to-end deep learning.”The AI now can learn their jargon, learn the background noises at their meetings, and learn their natural cadence of speaking.”
Almost five years after its founding, Deepgram’s platform now offers multiple price points depending on just how precise the client wants the transcription and analysis to be. Stephenson explained that because Deepgram is built on deep learning rather than heuristics, adjusting precision is relatively straightforward, and the standard version platform can outperform most other options.