September 6 (SeeNews) - Romanian tech startup Vatis Tech has raised over 200,000 euro ($237,187) from investors for its AI-powered online speech recognition platform, investor Sparkling Capital said on Monday.
Besides Sparking Capital, funding was provided by Early Game Ventures and TechAngels president Malin Stefanescu, Sparkling Capital said in a press release.
"The speech recognition algorithms developed by us are specialized in industries and verticals, such as media, finance, technology, or the medical field," said Adrian Ispas, founder and CEO of Vatis Tech.
Founded in 2020, Vatis Tech provides speech recognition application programming interface for multiple fields, in multiple languages.
"The automatic speech recognition market has reached a worth of over $17 billion by now and is showing significant growth. We are noticing that business leaders are looking to use their voice data for improving their customer experience, training employees or integrating it with other data sources to gain an edge over competitors," Sparkling Capital partner Vlad Sarca said.
Sparking Capital is an early-stage venture capital fund backing tech startups with differentiating value propositions, disruptive business models that have the potential to scale up fast internationally.
Early Game Ventures is an early-stage venture capital firm in Romania investing in startups that create new industries in the emerging markets of Europe.
TechAngels was created in 2013 as a common meeting platform between early stage technology startups and investors looking for investment opportunities.