The future of voice-first computing is here, and the companies best positioned to harness this new interface between humans and machines will be those who can capture, organize, and leverage this data. Today we are excited to announce our investment and partnership with Deepgram. We are leading their latest round of financing, which will fuel their growth and allow enterprises to unlock insights trapped in conversations.
Roughly 80% of enterprise data lives in voice, and as businesses come to understand the breadth and depth of their spoken data, Deepgram is the company they are turning to to make sense of all those conversations.
Customers use AI-powered NLP from Deepgram in human resource applications like candidate screening for compliance purposes or real-time transcription during interviews. Other uses are content moderation through automated classification, real-time translation services for international customers, market research surveys conducted with survey respondents located outside North America, and conversational understanding tools that enable companies across industries like healthcare providers or financial institutions to connect with customers.
We were inspired by Deepgram Founder and CEO Scott Stephenson, who had a vision for completely reimagining the way speech recognition (SR) software was built, focusing on the use of deep learning and neural networks with a keen eye toward ease of use.
Deepgram’s model is built on a new technology stack leveraging end-to-end deep learning models and GPUs, which allows them to build the most accurate (and blazing fast!) AI transcription and understanding engine at scale and at an affordable price for small and large enterprises. And they offer the ability to unlock this conversational intelligence through a simple API catered to developers.
At Madrona, we back enduring companies with great teams that have the potential to transform industries and define the categories in which they operate. Deepgram is a shining example of our investment strategy and our long-time and long-term focus on intelligent applications and the underlying infrastructure that unlocks them, as well as a focus on developers. We believe that Deepgram unlocks and enables millions of intelligent applications that are built on top of their world-class AI engine. The range of voice-enabled applications that Deepgram powers today spans everything from call centers, healthcare, telecom, software, financial services, and more, which is a testament to the pervasiveness of voice data and the need to extract and leverage it across industries and verticals. And yet, we are just in the early innings of the voice revolution!
We are proud to back this visionary team Scott is leading, and we are excited to join our friends from Wing VC and insiders, and welcome Alkeon, to help bolster the team’s audacious mission to unlock conversational intelligence for everyone and build a company of consequence.