January 11 (SeeNews) - Romanian tech startup Vatis Tech said that it has raised 650,000 euro ($697,970) in a funding round to expand its operations in Europe and accelerate sales in Romania.
The funding round was led by investment funds Early Game Venture and Sparking Capital and by angel investor Malin Stefanescu, Vatis Tech said in a press release on Tuesday.
The company also said it is eyeing the German, Spanish and French market as viable expansion options.
On the local market, the company has already secured partnerships with companies such as Vodafone Romania, GBC, Sofmedica Group, Gama IT, Kontron Services Romania, Wolters Kluwer, Blue Note and Synaptic SBS for pilot projects in various industries in the first quarter of 2023.
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.
Founded in 2020, Vatis Tech provides speech recognition application programming interface for multiple fields, in multiple languages. Since launching the software the company registered more than 3.1 million minutes of transcriptions.