“We are very excited about our investment into TranscribeMe. The service that enables conversion of sounds into words will especially be on demand for medical professionals, corporate clients, writers, academics, journalists and all those who need to convert the voice data into text fast and accurately. We are especially happy to be an investor in the company since it is headed by a former Kyivite, Alexei Dunayev, who is also one of the co-founders of the company. We hope that our investment will help the company to enter the Ukrainian- and Russian-speaking markets, and that TranscribeMe will become a leading global provider of sound transcription services both for B2C and B2B clients”, says Viktoriya Tigipko, Managing Director of TA Ventures.TranscribeMe was launched in 2011. The company is based in San Francisco. The service enables you to quickly search for audio and video content and share it by converting voice into text. The company delivers the best-in-class audio conversion tool using a hybrid model that combines speech recognition algorithms with the power of crowd-sourced transcribers working from all over the world. “Our team has developed a tailored service for customers ranging from market research to medical practitioners. We achieve a new level of efficiency due to our voice recognition and micro-tasking technology. Currently, we are working on a strategy to enter the Russian-speaking market, as well as Ukraine. It may happen in early 2013,” says CEO TranscribeMe Alexei Dunayev.
Any person possessing voice information can leave a request on the company’s website to convert audio or video data into a PDF file, and transcription will be performed confidentially and accurately in no time. Customers from Ukraine and Russia can already register using this link http://unbouncepages.com/transcribeme-ru-ua/
TranscribeMe is useful for medical professionals, corporate clients, organizers of conferences, writers, journalists, academics and podcasters. The service delivers over 500% increased efficiency for customers in the medical, market research and education industries.
Moreover, conversion of audio- and video information to the text format allows maximizing the value of content. The text format is easier to share, analyze and search.
According to company’s spokesperson, this investment round will allow TranscribeMe to engage new audience faster and make the service more affordable for the majority of customers.
The raised funding will be used for maintaining the rapid growth of the hybrid platform. It is worth mentioning that this investment round was oversubscribed. As a result, the total amount invested in the service has reached $1,5 million. Alexei Dunayev accounts this for the wide audience coverage and care of the customers’ needs. TranscribeMe’s efficiency also comes from the new feature in the process of workforce management – the ability to micro-task the transcription of audio and video content. By building its own platform for managing crowd workers rather than using a traditional marketplace model, TranscribeMe is able to deliver a secure service, as well as control, train and up-skill its crowd of thousands of workers. One of industry leading publications (GigaOm) has noted that a key limitation in the crowd labor marketplace has been platform weakness. As a Microsoft BizSpark One partner, TranscribeMe leverages a stable and secure Windows Azure platform, with the help of which it achieves its main competitive advantage – complex processing audio information.
Earlier, TA Ventures invested in online air tickets booking service Bravoavia, translation search engine Linguee, publisher of social networking games and applications Pixonic, social shopping platform Fantasy Shopper, personalized online shopping platform for brides Tailored, e-commerce company for the delivery of organic products Mile High Organics, the first social marketplace for hostels, beds & buches WeHostels, URBANARA, an online brand, selling handpicked, high quality home textiles and homewares from around the world and AdoreMe is a personalized online lingerie club, which offers designer lingerie at affordable prices.