Amberscript, a Netherland-based AI speech recognition startup, has raised Euro 8.65 million in a Series A funding round led by Endeit Capital on 4 November 2021.
Investor: The latest funding round was led by Endeit Capital (Parcellab, BUX), a German-Dutch growth capital firm founded by former executives of media company Endemol, validating the potential for Amberscript’s technology in the media industry.
The Objective behind the funding: The company plans to deploy the current proceeds to accelerate the development of its products and continue rolling out high performing and reliable solutions that are easily accessible for everyone.
Founded in 2017 by Peter Paul de Leeuw, Thomas Dienste and Timo Behrens, Amberscript has developed a cloud-based speech recognition technology to convert speech audio into text. Amberscript aims to create the power of language accessible to everyone and to bring the world closer together. By bringing together domain-specific AI speech recognition engines with a ‘human layer’ of transcribers, Amberscript generates subtitles with the highest accuracy in the market, delivered eight times faster than traditional manual methods. Amberscript is also home to 40 employees from over a dozen nationalities speaking more than 25 languages. Last month, the team announced its latest innovation, AI subtitle formatting: the in-browser automatic transformation of transcripts (text only) to subtitles (text formatted to readable subtitles) using Amberscript’s AI to meet standards of the likes of Netflix and the BBC with no manual input.
What the Founder has to say:
Peter-Paul de Leeuw, Founder and CEO at Amberscript, explains, “Our mission at Amberscript has always been clear: provide high-quality subtitles and transcriptions to make all audio accessible. Yet, with an average university producing over 50 hours of video every day, it is physically impossible to transcribe and format the volume of subtitles needed in a fully manual way. So, we’ve spent the last three years hiring the best people and building the best technology to allow us to automate and optimise this process as much as possible. Now, we’re ready to scale.”
What the Investor has to say:
Hubert Deitmers, the Managing Partner at Endeit Capital, explained, “During my time at Endemol, I witnessed rapid changes across the industry with regard to subtitling ac This industry is continuing to accelerate today thanks to drastic advances in artificial intelligence. Amberscript’s AI subtitling technology is already world-leading, and its team has the talent and ambition to become market leaders – its potential within the media industry is immense.”
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