AssemblyAI, a San Francisco, CA-based startup focusing on AI models for speech-related tasks, has raised $50 million in Series C funding.
SaaS Investors
The round was led by Accel, with participation from former Salesforce co-CEO Keith Block, GitHub ex-CEO Nat Friedman, Daniel Gross, Insight Partners, and Y Combinator.
Founded in 1983, Accel is a seed and growth-stage venture capital firm that helps a global community of entrepreneurs. The firm prefers to invest in early-stage companies operating in the cloud, software as a service (SaaS), consumer, enterprise, information technology, healthcare, fintech, security, media, and business products & services sectors. The firm has additional offices in San Francisco, London, and Banglore.
AssemblyAI Use of Funds
The company plans to use the new funding to launch a universal speech model later this year and expand its workforce.
About AssemblyAI
AssemblyAI is an applied AI company building a platform of APIs to transcribe and understand audio data. The company offers speech-focused models for tasks like speech-to-text, speaker identification, content moderation, and speech summarization through an API. AssemblyAI aims to make AI models easily accessible to developers, positioning itself as the "Stripe for AI models." The AI platform currently manages approximately 25 million API calls daily. Additionally, more than 200,000 developers are actively utilizing the platform, processing over 10 terabytes of data each day.
Funding Details
Company: AssemblyAI, Inc.
Raised: $50.0M
Round: Series C
Funding Month: December 2023
Lead Investors: Accel
Additional Investors: Keith Block, Nat Friedman, Daniel Gross, Insight Partners, and Y Combinator
Company Website: https://www.assemblyai.com/
Software Category: Speech AI
Source: https://techcrunch.com/2023/12/04/assemblyai-nabs-50m-to-build-and-serve-ai-speech-models/