Deepgrams Enterprise Voice Recognition Business Completes $72m Series B Round

Deepgram, the Enterprise Voice Recognition company that enables its API users to transcribe, intelligently and accurately, any text sent its way in dozens of languages. Deepgram has recently completed its Series B round at a massive $72m.

The initial tranche of this was raised in February 2021 which we covered separately here, the full raise is believed to be the largest Series B raised by a speech AI company.

Zillionize invested in Deepgram as part of the YCombinator W16 batch and recently YCombinator listed Deepgram at number 199 on its Top Companies list.

Using its advanced AI approaches, Deepgram can recognize and categorize each person speaking in a segment of audio or video, add punctuation, identify numerals as well as redacting sensitive information such as credit card information or profanity.

Scott Stephenson, the Deepgram Founder and CEO (Doctor of Philosophy as well as Particle Physics) explains that the new round will allow Deepgram to move into Phase 3 of its growth. Stephen explains.

“The goal is to give our users the most comprehensive understanding of what was said, how it was said, and who said it, which can hint at the bigger Why behind the What and the How.

Think about what most folks can do in conversation. That’s what we’re enabling with AI. We’ve got some exciting new speech understanding features in the pipeline and in production, including”, Language detection and translation, Automatic Summarization, and Topic Detection.

This second tranche was led by Madrona and Alkeon Capital Management as well as several return investors including Blackrock, Tiger Global, and Nvidia. The high caliber status of the investors in this round shows the potential of the technology, market, and the use-cases that are enabled by Deepgrams technology. With customers such as Nasa, Spotify, Twilio, and Citi we can see the market is responding positively to what Deepgram brings to the table.

We love seeing our portfolio companies breaking new ground and applying the latest technology to hard-tech problems, we look forward to more great announcements from Deepgram in the future and being part of their journey in the next trillion words. You can read more about this round of funding directly on the Deepgram blog here.

Zillionize is a seed round investor which has been investing in technology startups since March 2011. We look for early startups who we believe can see the future. We use a data-driven approach to identify startups we love and want to invest in for the long term. Zillionize has invested in a number of unicorns and we look forward to more of our portfolio joining this list in the years to come.