Deepgram Raises $130M Series C at $1.3B Valuation for Voice AI
TL;DR
- Deepgram has secured $130 million in Series C funding and acquired OfOne to enhance its Voice AI capabilities, particularly for the restaurant industry. The funding will support international expansion, new AI model development, and strategic acquisitions, while the OfOne acquisition integrates specialized drive-thru AI solutions. Deepgram also expands its patent portfolio and opens a new Voice AI Collaboration Hub.
Deepgram Secures $130M in Series C Funding
Deepgram, a real-time API platform for Voice AI, has announced a $130 million Series C funding round at a $1.3 billion valuation. The round was led by AVP, with participation from investors including Alkeon, In-Q-Tel, Madrona, Tiger Global, Wing, and Y Combinator. New investors such as Alumni Ventures, Princeville Capital, Twilio, ServiceNow Ventures, SAP, and Citi Ventures also joined the round. The funding will be used to expand internationally, develop new AI models, and pursue strategic acquisitions.
Acquisition of OfOne
Deepgram has acquired OfOne, an AI-native voice platform designed for restaurants and quick-service drive-thrus. OfOne claims to consistently deliver over 95% containment. The OfOne team has joined Deepgram to anchor Deepgram for Restaurants, which aims to improve customer experience, increase order accuracy, and support restaurant staff. Will Edwards, former CEO of OfOne, is now GM of Deepgram for Restaurants.
Deepgram's Voice AI Offerings
Deepgram provides various Voice AI solutions, including:
- Aura-2: An enterprise-grade text-to-speech model.
- Nova-3: A real-time speech-to-text model.
- Flux: A conversational speech recognition model designed for handling interruptions.
- Voice Agent API: An enterprise-ready conversational AI API.
- Saga: A Voice OS
These models can be customized and deployed as cloud APIs or through on-premises options. Deepgram's APIs are used by over 1,300 organizations.
Expansion of Patent Portfolio
Deepgram is expanding its intellectual property with patents like:
- US 12,380,880: End-to-End Automatic Speech Recognition With Transformer, which improves accuracy and speed by integrating ASR and transformer models.
- US 12,334,075: Hardware-Efficient Automatic Speech Recognition, which optimizes hardware use to reduce latency and cost.
- US 12,499,875: Deep Learning Internal State Index-Based Search and Classification, which enables faster audio search and more accurate classification.
New Voice AI Collaboration Hub
Deepgram is opening a Voice AI Collaboration Hub in San Francisco. This hub will host working sessions, live demonstrations, executive briefings, community meetups, and developer hackathons.
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