Growth fueled by increased ASR adoption, expanding software customer base and key executive hires
SAN FRANCISCO, Calif., June 29, 2021 - Deepgram, the leading automatic speech recognition vendor, today announces continued momentum following impressive company and customer growth as the demand for automatic speech recognition (ASR) continues to rise. Deepgram will mark the end of Q2 2021 with 3.2x YoY revenue growth and 2.7x YoY employee growth. Voice is proving to be a killer application for companies across industries seeking to build better relationships with their customers and empower their employees. The global market for speech and voice recognition technology is poised to reach $31.82 billion by 2025, according to a report by Grand View Research.
Deepgram's recent data report with Opus Research also showed that 2020 proved to be a banner year for ASR providers, revealing that the COVID-19 pandemic accelerated ASR adoption and that a large majority of respondents plan to significantly increase their investment in the technology in 2021. Off the heels of a $25 million Series B funding round earlier this year, Deepgram appointed four new executive and senior hires and expanded its base of software customers in the Contact Center as a Service (CCaaS) and Call Analytics verticals, including RingDNA, Regalix, Authenticx, Red Box, and Podsights. Deepgram was also recently recognized in Forbes' AI 50 and Inc.'s Best Workplaces.
"With the ASR industry rapidly expanding, more and more companies are recognizing speech as a powerful tool that unlocks invaluable insights and helps shape state-of-the-art voice experiences," said Mehul Patel, Vice President of Products at Deepgram. "At Deepgram, we are constantly working to ensure that we're providing customers with the highest quality speech recognition platform on the market. We're poised for strong, continued growth as a result of our recent momentum and look forward to expanding our offerings and customer base in 2021 and beyond."
Over the past year, Deepgram met growing customer demand by investing heavily into its product roadmap. The company announced AutoML-a novel training capability that streamlines AI model development-as well as conversational AI, sales and support enablement, and real-time streaming features to help enable the next generation of human-like virtual agents.
"For Conversational AI voicebots, it all starts off with speech recognition, if you don't understand what the person said and transcribe it to text accurately, you are not in the game. Unfortunately, the general ASR models standardize around 70% accuracy, and it is just not good enough to respond to a caller with real-time accuracy and relevance. Our partnership with Deepgram and their models in conjunction with our internal models that are trained on case-specific data get well over 90% accuracy."
"Voice technology is such a fast-moving market that we have to be everywhere at the same time and products change constantly. With Deepgram, we can innovate and demonstrate to customers that we are ahead of the competition."
Deepgram's recent highlights and milestones include: Corporate Momentum New executive and senior hires:
- Mehul Patel, VP of Product: Mehul joins Deepgram from SoundHound, where he led product management for Houndify, the AI platform. He previously co-founded Synapse.ai as part of Stanford's StartX accelerator class in 2015, and worked at VMware and Adobe.
- Jason Rubinstein, VP of Finance: Jason joins Deepgram from Yext, where he was Vice President of Finance. He previously held additional finance leadership roles at Marketo and Google, as well as served in the U.S. Navy as a nuclear submarine officer.
- Ralphette English, Head of Customer Success: Ralphette was previously the VP of Customer Success at Deep 6 AI. Prior to that, she held various leadership roles in customer service, technical and implementation support for TeleSign, OpenX and Logics Solutions, LLC.
- Michael Jolley, Head of Developer Experience: Michael was previously the senior developer advocate at Vonage. Prior to that, he spent more than 17 years leading software and tech at software companies Advanced Systems Unlimited and Success Products Inc.