Voice search is becoming increasingly prevalent as the demand for the smart speaker and other voice-enabled devices among consumers is surging. Furthermore, the voice search is becoming an essential component of eCommerce as 50% of the consumers make a purchase using voice search.
According to the reports, the global Speech-to-text API Market size is expected to grow from $1.6 billion ( approx £1.2 billion) in 2019 to $4.1 billion ( approx £3 billion) by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. Major growth drivers of the market are the growing adoption of smart speakers and mobile phones.
Speech-to-text platform on the rise
Based out of London, Trint is a speech-to-text platform that uses A.I. to automatically transcribe and translate, making multimedia content verifiable, searchable, editable, and shareable.
Invested £2 million in Trint
Recently, Edge Investments, the leading growth investor in the UK creative economy, has invested £2 million in Trint. Edge’s investment joins a round opened in August by The New York Times Company and includes further input from individual investors. The company closes a total of £5 million in this round.
Transcription in 31 languages
Founded by Jeff Kofman, Trint uses speech-to-text technology to automate transcription in 31 languages, making conversations searchable, editable, and shareable.
Available to both individuals and enterprises, Trint’s collaboration tools connect teams for fast, and secure content creation, regardless of the location.
Edge’s investment will support Trint as it continues to attract the world-leading talent required to enhance its content-creation software.
On the other hand, Trint will focus on rapid product innovation as it continues to build out a new market category it calls StoryTech, which allows users to create compelling audio, video, and text content simply and fast.
Trint is currently releasing a software tool that allows users to build stories from audio and video on the Trint platform.
Since its launch in London in 2014, Trint has grown from four to more than 80 employees and launched a North American headquarters in Toronto.
The company is expanding its B2B offering in a short period, counting some of the world’s largest media organizations as customers, including The Associated Press, Vice News, The Washington Post, and Der Spiegel, in addition to high profile companies like Airbnb, Nike, Spotify, and the New York Police Department.
David Glick, Chief Executive and Founder of Edge Investments said: “Edge backs founders with purpose, and Emmy-winning former journalist and war correspondent Jeff Kofman is definitely a founder with a clear mission. Seeing people transcribing interviews, speeches, and news conferences in the 21st century the same archaic way journalists did in the 1970s, he realised that artificial intelligence (A.I.) and speech-to-text could do the heavy lifting of transcription. Spanning video, audio, and the written word, Trint is a truly modern company solving a decades-old problem, and is poised to dominate its category.”
Hannah Williamson, Investment Manager at Edge Investments who led the investment, commented: “We have all had to adapt to the realities of a global pandemic, and many ways of our newfound remote and virtual working will become more of a permanent transition looking forward. By enabling organisations and content makers to maximize the value of written and spoken word, we believe that Trint has considerable growth potential as an exciting product and commercially valuable proposition. We are delighted to join and support the team on their journey as they continue to define and dominate a new software category.”
Jeff Kofman, CEO of Trint, added: “We are really excited to have Edge and The New York Times joining our investment team. 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 to drive Trint forward in 2021 and beyond.”