Amsterdam-based AI speech recognition startup Amberscript has reported that it has raised US$10 million (approx €8.65M) in a Series A round. The company is developing a SaaS solution that uses voice recognition to automatically convert audio and video to text and subtitles.
The capital raised will help propel the companies product development and continue to deploy reliable, high-performance solutions that are easily accessible to everyone.
Managing Partner, Hubert Deitmers, of German-Dutch growth capital firm, Endeit Capital, led the round explaining that “During my time at Endemol, I witnessed rapid changes across the industry regarding subtitling. This industry is continuing to accelerate today thanks to drastic advances in artificial intelligence. Amberscript’s AI subtitling technology is already world-leading, and its team has the talent and ambition to become market leaders – its potential within the media industry is immense.”
Endeit Capital’s investment in Amberscript is part of the company’s strategy to drive expansion across Europe, following the approximately US$300 million (approx. €259.6M) fund Endeit Capital III, which closed in April.
Create text and subtitles from audio or video
Amberscript was founded in 2017 by Peter Paul de Leeuw, Thomas Dieste, and Timo Behrens to develop a special AI-enabled voice-to-text conversion engine that facilitates manual transcription with SaaS software allowing users to automatically convert audio and video to text using voice recognition.
Peter Paul de Leeuw explains: However, the average university produces more than 50 hours of video a day, so it’s physically impossible to completely manually copy and format the required amount of subtitles. That’s why over the last three years they have hired the best people and developed the best technology to automate and streamline this process as much as possible and now they are ready to scale.
At present Amberscript employs 40 people from more than 12 nationalities who speak more than 25 languages.
The company strives to produce subtitles with the highest precision in the market and last month, the startup announced the latest innovation, the AI subtitle format. It uses Amberscript’s AI to automatically convert transcripts (text only) to subtitles (text-readable subtitles) and translate standards such as Netflix and BBC without manual input.
Source: <a href="http://<!– wp:paragraph –> <p>Source: Silicon Canals <a href="https://siliconcanals.com/crowdfunding/amberscript-raises-8-65m/">https://siliconcanals.com/crowdfunding/amberscript-raises-8-65m/</a></p> Silicon Canals