Total amount raised
$132.8 Millions
Latest funding date
November, 2022
Location
Deepgram has successfully raised funds from 21 investors, including SAP.iO and Wing Venture Capital, through multiple funding rounds. The company's innovative AI-powered speech-to-text technology continues to attract significant interest from the investment community.
Keep reading to explore the intricacies of Deepgram's fundraising journey and the investors backing this cutting-edge platform.
What Is Deepgram?
Deepgram, founded in 2015 by Noah Shutty and Scott Stephenson, is based in San Francisco, California. The company specializes in AI-powered speech-to-text technology, offering APIs for speech-to-text, text-to-speech, and voice agents. With a team of 101-250 employees, Deepgram is a key player in the fields of Artificial Intelligence, Natural Language Processing, and Speech Recognition.
How Much Funding Has Deepgram Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2015
- Lead Investors: Boost VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-powered speech-to-text technology.
- Seed Round
- Amount Raised: $120K
- Date: March 2016
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their team.
- Venture Round
- Amount Raised: $1.8M
- Date: September 2016
- Lead Investors: Compound, Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and enhance their product offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and market expansion.
- Series A
- Amount Raised: $12M
- Date: March 2020
- Lead Investors: Wing Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance their AI capabilities.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2020
- Lead Investors: IQT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Series B
- Amount Raised: $25M
- Date: February 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and improve their technology.
- Series B
- Amount Raised: $47M
- Date: November 2022
- Lead Investors: Alkeon Capital, Madrona
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI speech recognition capabilities and expand globally.
Total Amount Raised: $85.92M. Current Valuation: Not publicly disclosed.
Key Investors
- Alkeon Capital
- Details: Alkeon Capital is a growth-stage investment firm that focuses on technology and innovation-driven companies. They have a reputation for backing high-growth companies with disruptive technologies.
- Investment Focus Areas: Technology, Internet, Software, Consumer sectors
- Notable Investments: Spotify, Pinterest, Stripe
- Madrona
- Details: Madrona is a venture capital firm that invests in early-stage technology companies, particularly in the Pacific Northwest. They have a strong focus on cloud computing, machine learning, and artificial intelligence.
- Investment Focus Areas: Cloud computing, Machine learning, Artificial intelligence
- Notable Investments: Amazon, Smartsheet, Snowflake
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology sectors. They are known for their aggressive investment strategy.
- Investment Focus Areas: Internet, Software, Consumer, Financial technology
- Notable Investments: Not publicly disclosed
- IQT (In-Q-Tel)
- Details: IQT is a non-profit strategic investor that identifies and invests in technology solutions to support the missions of the U.S. intelligence community. They bridge the gap between the technology needs of the intelligence community and emerging commercial innovation.
- Investment Focus Areas: Technology solutions for U.S. intelligence community
- Notable Investments: Not publicly disclosed
- Wing Venture Capital
- Details: Wing Venture Capital is a venture capital firm that focuses on early-stage enterprise technology companies. They aim to support companies that are transforming industries through innovative technology.
- Investment Focus Areas: Early-stage enterprise technology
- Notable Investments: Not publicly disclosed
What's Next for Deepgram?
Deepgram's future is brimming with opportunities, particularly in enhancing AI speech recognition technology. The company aims to incorporate intonation and inflection into sentiment analysis, speaker labeling, and summarization. This innovation could revolutionize how enterprises transcribe and analyze data, making it more accessible and actionable. With a focus on expanding features like topic and language detection, as well as translation, Deepgram is poised to tap into a vast, data-rich market.
Given the significant funding already raised, future fundraising rounds seem likely to support ongoing development and market expansion. The company's ability to attract high-profile clients like Spotify and NASA underscores its potential for further growth. However, challenges such as competition from other AI firms and ensuring the accuracy and scalability of their technology remain. Addressing these hurdles will be crucial as Deepgram continues to innovate and expand its market reach.
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