Carnegie Speech said it raised Series B funding of $3.4 million. No other details were available. The Pittsburgh company, a spin out of Carnegie Mellon University, is developing language learning technology and says it has seen 85% first quarter growth.
CARNEGIE SPEECH ANNOUNCES RAPID Q1 2012 GROWTH
The intelligent language learning company filed two patent applications for their leading technology
Pittsburgh, PA – May 17, 2012 – Carnegie Speech, the intelligent language learning company, today announced a significant 85 percent quarter-over-quarter growth in Q1 2012 compared to Q4 2011. Additionally, the Company announced it has filed two patent applications for its proprietary technologies – the next generation Pin-Pointing Technology as well as its Intelligent Tutoring Technology.
Since the appointment of Carnegie Speech’s new CEO, Paul Musselman, the company has seen major revenue and sales growth in the US higher education market and in the international commercial enterprise sector. The company also recently secured its Series B funding for $3.4 million.
“On multiple fronts, Carnegie Speech has already reached several milestones this year, whether successfully completing our Series B, developing and seeking patent protection for our innovative technologies or delivering a phenomenal first quarter performance,” said Paul Musselman, CEO of Carnegie Speech. “We are laying the foundation for exponential growth as the year progresses by continuing to develop products and technology to enable adaptive language learning tailored to the particular needs of the individual student.”
Carnegie Speech is differentiated by its intelligent language learning technology spun out of Carnegie Mellon University. The first patent application is for the next generation of Carnegie Speech’s Pin-Pointing Technology, which currently leads the industry in spoken language error detection and functions at a high level in environments with elevated levels of background noise, such as classrooms. The second patent application is for Carnegie Speech’s Intelligent Tutoring Technology, which focuses lessons and exercises on the specific needs of the individual student by combining knowledge of the student’s native language and proficiency to create an individualized curriculum path. The combination of pin-pointing and intelligent tutoring represents a one of a kind adaptive language learning solution which delivers unprecedented learning gains.
“Our technology is far more advanced in comparison to our competitors,” continued Musselman. “Our customized approach both accelerates learning and represents a strategic inflection point in an industry that has historically relied on simply assessing individual performance and educating with a legacy ‘one to many’ approach. Having a platform that can intelligently analyze individual’s needs and build a custom curriculum is quite unique and has proven to be far more effective for rapid and significant improvement.”
About Carnegie Speech
A global leader in the development of spoken language training software, Carnegie Speech prepares enterprises and individuals to speak and understand new languages through personalized, immediate and pinpointed language analysis and instruction. Incorporating the linguistic expertise and technical innovations developed through decades of research at Carnegie Mellon University’s Language Technologies Institute, Carnegie Speech maximizes the effectiveness of spoken language instruction while minimizing training time and expense. From spoken language training to facilitate commerce and enhance education, to mission-critical communications to improve safety and security, Carnegie Speech products are used by Business, Aviation, Government, Education and Health Care enterprises that depend on effective spoken language communications. Carnegie Speech is based in Pittsburgh, PA and its primary investors include Osage Venture Partners, Golden Seeds and New York Angles. Visit www.carnegiespeech.com for more information.