AssemblyAI plans to use the funds to accelerate the development of its AI models. Here are the top-line bullets you need to know.
AssemblyAI, an AI-powered transcription platform, has raised $28M in a Series A round that drew participation from Accel, Patrick Collison, and Y Combinator, among others.
How’s the company performing?
- Califonia-based AssemblyAI offers speech-to-text APIs that enable companies to convert both live audio streams and audio/video files to text.
- The company’s customer base consists of startups and Fortune 500 companies — some of its customers include the BBC, The Wall Street Journal, and NBC.
- AssemblyAI’s customer base and revenue both grew by 3x in 2021.
- Over 1M audio files are processed on its platform each day.
Source: AssemblyAI
Why does the market matter?
- The voice and speech recognition market is expected to reach a value of $22B by 2026, growing at a CAGR of 21.6%, as per Markets and Markets.
- The advancement of AI technologies, the rapid shift to remote work models, and accelerated digitization across the auto, banking, and healthcare industries amid the pandemic have contributed to industry growth.
- The rising adoption of smart home devices by consumers over the course of the pandemic has contributed to market growth as well.
