Deepgram, a San Francisco, CA-based AI speech API for transcription with human-level understanding, raised $47 million in a Series B equity funding round led by Madrona, with participation from Alkeon. Prior investors also participated in the deal.
"We're building the foundational AI models for understanding human speech," Scott Stephenson, CEO of Deepgram, said. "Understanding speech at scale starts with accurate transcriptions, but it doesn't stop there. At Deepgram, we view accurate transcription as an increasingly solved problem for many of the more than 100 languages we work with. That's the groundwork upon which we're building the future of speech understanding: to give our customers insight into not just what was said, but how it was said, which can result in an actionable understanding of why it was said."
Deepgram has big plans for the future of AI voice recognition. Deepgram uses its audio-first foundation to incorporate the nuances of intonation and inflection into sentiment analysis, speaker labeling, summarization, and more, whereas Natural Language Processing has traditionally taken a text-based approach.
It recently expanded its feature set to include topic detection, language detection, and translation to deliver conversational context for enterprise analytics and expand internationally.
Deepgram has transcribed over 1 trillion words from over 10,000 years of raw audio data since its inception. NASA, Spotify, and Citi are among the company's marquee clients.
Company: Deepgram, Inc.
Round: Series B
Funding Month: November 2022
Lead Investors: Madrona
Additional Investors: Alkeon
Company Website: https://deepgram.com/
Software Category: AI Speech Recognition
About the Company: Founded in 2015 by CEO Scott Stephenson, Deepgram is the leader in the field of AI speech recognition. Deepgram's speech models are the most accurate automatic speech recognition solution across many languages, and the company offers additional, custom model training as an option to narrow the gap between human and AI transcription. The company's new language understanding capabilities bring unparalleled context and dimensionality to the future of speech AI technology. Deepgram has been recognized as an Inc. Best Workplace (2022), a Forbes Top 50 AI Company to Watch (2021), and a CB Insights Top 100 AI Startup (2021), among others. Voice intelligence is out there, and we're here to help any developer or company discover its value with just an API call.