The advancement of technologies coupled with increasing consumer demand for smart devices and usage of voice-enabled payments and shopping by retailers is promoting the growth of the global speech and voice recognition market.
According to the report, the voice and speech recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.8B (approx €22.1B) by 2025.
Raised €5.6M funding
In an attempt to capitalise on the boom, Trint, a London-based speech-to-text platform for content creation, has raised $6.7M (approx €5.6M) in a Series A Acceleration round.
Who backed Trint?
The round was led by The New York Times Company, along with Edge, the leading growth investor in the UK creative economy. Many individual investors also participated in the round. The company will use the funding to accelerate product innovation and hiring in its London and Toronto offices.
In 2019, Trint closed its Series A with £3.5M (~€3.8M) which included venture investments by The Associated Press and TechNexus. This new accelerated round brings the company’s total investment to £12M (~$16M). The Knight Foundation was an early investor in Trint.
The UK company is on track to double its team this year (increasing from a workforce of 50 to 86 since the pandemic began) and plans to triple it to 150 employees by July of 2021. Recently, Trint was named in the Top Ten of the UK Startup 100 List.
“Over the last year, Trint has evolved from startup to scaleup and we know it’s critical to have professional investors helping us navigate through an exciting but complex high-growth phase. The breadth and depth of their expertise, as well as their networks in the sector, will really help us grow Trint in 2021 and beyond,” says Jeff Kofman, CEO and founder of Trint. and an Emmy-winning broadcast journalist and war correspondent.
Uses AI to transcribe and translate
Founded by Jeff Kofman, and Mark Boas, Trint uses AI to automatically transcribe and translate, making multimedia content verifiable, searchable, editable, and shareable.
What is StoryTech?
Right now, the company is focusing on its new market category – StoryTech, a tool designed for content creators to create audio, video, and text content simply and fast. The speech-to-text platform is currently releasing a software tool that allows users to build stories from audio and video on the Trint platform.
According to the company, it focuses on talented content creation teams in journalism, media, marketing, communications, and branding. This was one of the primary reasons why Edge invested in the company.
Available for both enterprise and individuals, Trint has offices in London and Toronto. The company works with clients including Nike, The Associated Press, Airbnb, CNN, Spotify, and many more. This year, Trint was named by Deloitte as a UK Technology Fast 50 as the 28th fastest-growing company, with an average 1,571% growth rate over the last four years. The company also landed a top 10 spot in Startups.co.uk 100 list, which ranks the country’s top 100 fast-growth new UK businesses.
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