Voiceloft - Platform that Develops Voice Data Collection Technology
Today, at 500Georgia's Demo Day, Voiceloft, an Azerbaijan-based platform that promotes the development of speech recognition technologies by collecting voice data, was presented to investors and viewers.
“In just nine months, we've made $400,000 in revenue, our business platform is up and running and approved.
The most important factor in speech recognition technologies is accuracy, and to achieve high accuracy, a large amount of data must be collected. Data sets are used to train artificial intelligence. However, collecting this data is expensive, averaging between $100 and $200 per hour, which limits the development of new language models. Therefore, the current market players focus on the main languages, namely English and European languages. In fact, only 6% of all available speech recognition solutions include other languages spoken by more than 3 billion people.
Through its crowdsourcing platform, Voiceloft has been able to reduce data collection costs to $1 per hour. This approach allowed Voiceloft to achieve 95% accuracy in the Azerbaijani language, compared to Google's 44%. Voiceloft created universal templates for over 10 new languages in just 3 months, a testament to the scale and potential of the business.
Our goal is to raise $2 million in the next 6 months to build new language models, then attract more clients and further grow and expand our business globally. We contacted previous investors and new venture capital companies in the Middle East a few months ago. We saw a lot of interest from them, but they needed more hands-on. Since then, we've added over 10 languages, doubled our revenue, and joined the 500Georgia program. Accordingly, we already expect that in the next few months we will be able to attract the necessary capital from local and US-based venture capital companies, which we will meet in Silicon Valley after the program", said Toghrul Samadov.
500 Global is a global venture capital firm that invests in early-stage technology startups. Since its inception, 500 Global has invested in more than 2,600 companies - of which 45 are valued at more than $1 billion and more than 130 are valued at more than $10 billion. 500 Global works closely. 500 Global is implemented in the Caucasus under the name of 500Georgia, in cooperation with the Bank of Georgia and the Georgian Technology and Innovation Agency (GITA). Among the goals of 500Georgia are the strengthening of Georgia's startup ecosystem, development of investment potential and scaling of startup companies in the global market.