Funding to help Israeli made automatic speech recognition platform advance market.
NovoSpeech recently raised $500,000 for accelerating product development and supporting sales efforts. NovoSpeech’s flagship product, Speech++, is said to be a game-changer in the speech recognition market. The company’s software technology provides robust, speaker-independent, large-vocabulary continuous-speech recognition on smartphones and tablets. “Automatic speech recognition (ASR) is a complex technology that aspires to allow humans to interface with machines in this most natural of modalities. Yet, despite great advances in ASR over the last 50 years, the user experience with ASR-based interfaces in real-life environments is still not good enough for speech recognition to be embraced by the mass market,” reports NovoSpeech on its website. Analysts say that ASR has achieved only 15-20 percent of its market potential. NovoSpeech’s latest funding round is meant to help the company grab a bigger market share. NovoSpeech is a member of the Trendlines Group’s Mofet B’Yehuda Innovation Accelerator, which is its major funding source. The company was established in 2008.