In June, Speechmatics successfully finalized our Series B funding to the tune of $62 million. It was a monumental achievement for all involved and one that means we can continue our global expansion across the United States and Asia-Pacific and improve our infrastructure (in particular, regarding data center capacity). It also means we can add further firepower to our research and development to deliver accurate understanding of even more voices.
Around the globe, it’s a difficult time for the market as a whole. VCs are considering their term sheets, prices are being reduced, a private market downturn is predicted. We never take for granted what it actually means when an organization puts its hands in its pockets and decides to invest in us.
Any large-scale investment is never on a whim. The hours and days that went into finalizing our Series B will attest to that – and I’d like to personally thank everyone who had anything to do with getting this over the line. Yet, even with all the due diligence in the world, there’s still a factor of faith in us as an organization. The belief that, as a team, we can deliver on what we’ve promised.
While the funding was led by Susquehanna Growth Equity (SGE), we also received participation from two of our existing investors, AlbionVC and IQ Capital. This continued support from those who have known and worked with us for years, brought its own sense of accomplishment: the faith and belief that we’re worth continually investing in.
As CEO, I’m not just extremely satisfied by this, I see it as a driver too. That there are many people who have put their belief in us is just the start. It’s now on us to reward that faith.
A Two-Way Street
We were in a privileged position at the start of our fundraising. Our extraordinary progress in the last few years meant we had plenty of interest from investors. We didn’t have to just simply go for those with the largest chequebooks. We got to choose the right people to work with.
We chose to work with Susquehanna Growth Equity (SGE) because they have a fantastic global footprint and a history of supporting significant growth in software businesses. Their team is smart and ambitious, but also pragmatic. In today’s complex world, that pragmatism is crucial.
SGE's experience building large software and information services companies means it’s not just capital we’re getting. We’re getting experience and strategic guidance too. It’s great to know that they believe in us, as much as we believe in them.
Of course, belief isn’t enough on its own. Investors need evidence and action before they can even consider submitting a term sheet. Thankfully we can proudly stand by our creation and delivery of the most inclusive and accurate speech recognition engine available. One that currently processes millions of hours of transcription worldwide, every month, in 34 languages. One that boasts a Queen’s Award for Enterprise Innovation. One that includes industry-leading features, like advanced punctuation and entity formatting.
I could go on about the achievements we've already unlocked, but now – with this huge investment ahead of us – I simply can’t wait to see what the future holds.
Katy Wigdahl, CEO, Speechmatics
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