Pittsburgh-based Voci Technologies, a provider of enterprise speech-to-text transcription and analytics, has secured $8 million in Series B funding. Grotech Ventures and Harbert Growth Partners led the round.
Pittsburgh PA – March 12th, 2017 – Voci Technologies Incorporated (Voci), the leading provider of enterprise speech-to-text transcription and analytics, today announced the close of its $8M Series B Round. The Series B round was led by Grotech Ventures (Grotech) and Harbert Growth Partners (Harbert). Voci plans to use this capital to accelerate sales and marketing while continuing its focus on delivering best-in-class technology for businesses seeking insights from their voice-based customer interactions.
Voci, a Carnegie Mellon spinoff, is the leading provider of software that delivers actionable insights from recorded or live voice. Its patented technology employs Artificial Intelligence (AI) and deep learning algorithms to deliver highly accurate transcriptions, as well as insights related to gender, sentiment, emotion, and speaker biometrics. Voci can process up to 150 hours of speech in 1 hour on a single 1u machine.
Jonathan Diedrich, Director Customer Communication at Check Into Cash stated: “Customer experience is very important to our company’s success, and Voci has allowed us to turn the recorded audio from our customer interactions from an obligatory cost into a true asset. Voci’s advanced technology, completeness, and open architecture allows us to deploy speech analytics on our own terms. With Voci, we are able to take all audio from our retail environment, which has no skills-based routing, and bucket those calls into specific subsets for auditing and review. This allows us to find the data immediately, a function that was impossible in the time prior to using Voci.”
Steve Fredrick, General Partner at Grotech Ventures, said: “Most companies are sitting on a gold mine of audio recordings that can deliver monetizable insights to sales, marketing, operations and compliance leaders. Limited and inflexible technologies have prohibited these insights from being surfaced, and Voci is delivering technology that changes the way people think about speech analytics.”
“Speech analytics has been out-of-reach for most companies and departments due to heavy fixed costs and ongoing services requirements”, said Tom Roberts, General Partner at Harbert Growth Partners. “Voci delivers insights to virtually every department that relies on voice-based customer interactions by combining fast and accurate transcription with a flexible and open architecture.”
“We are thrilled to be partnering with Grotech and Harbert”, said Anthony Gadient CEO of Voci Technologies. “This influx of capital will accelerate our goal of being the world’s premier solution for speech-to-text transcription in terms of capacity, quality and scalability.
About Voci Technologies
Voci Technologies is a late stage start-up developing market leading speech-to-text transcription products for businesses seeking to improve customer experience, optimize contact center efficiency, and manage risk due to fraud and compliance violations. Spun out of Carnegie Mellon, Voci employs AI and deep learning algorithms to deliver highly accurate transcriptions, as well as insights related to gender, sentiment, emotion, and speaker biometrics either in batch or real-time. Focusing on enterprise speech analytics solutions, Voci offers the fastest, most accurate and complete transcriptions, all through open architecture for ease of implementation and integration. Additional information about Voci can be found at http://www.vocitec.com.
About Grotech Ventures
Founded in 1984, Grotech Ventures (http://www.grotech.com) is a leading early investor in high-potential technology companies. With more than $1.5B under management, Grotech seeks innovative, early-stage IT companies and continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell.
The firm has offices in Virginia, Maryland and Colorado. To learn more about Grotech Ventures, please visit grotech.com.
About Harbert Growth Partners
Harbert Growth Partners (“HGP”) is a leading emerging growth investor focused on promising technology and healthcare companies led by exceptional management teams. The HGP investment team combines substantial investment, advisory and operating experience with capital and network relationships to support entrepreneurs in successfully executing their growth plans. Harbert Growth Partners is an affiliate of HMC, an alternative asset management firm with approximately $5.9 billion in Regulatory Assets Under Management as of February 28, 2018. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include independent power, European and U.S. real estate, seniors housing, growth equity, credit solutions, European growth capital, and public securities. Additional information about HMC can be found at http://www.harbert.net.