Wispr Flow, a voice-to-text startup, has raised $280 million in a Series B funding round, valuing the company at $2 billion. The San Francisco-based firm has now secured a total of $361 million in funding.
Existing investor Menlo Ventures led the round, with participation from Notable Capital, NEA, and Neo Ventures. New investors included Acrew, Forerunner, Goodwater, and Peak XV.
The company's software converts speech into text for writing and workplace tasks, with users generating over 60 billion words. Wispr Flow's products are used at nearly all Fortune 500 companies and more than 10,000 enterprises.
CEO Tanay Kothari announced the company's progress in improving transcription accuracy, with error rates decreasing from over 30% to between 5% and 10% in difficult conditions. The new funding will be used to further enhance transcription accuracy, tracking progress through a 'zero edit rate' measuring the share of spoken words that require no corrections.
Improving Transcription Accuracy
Wispr Flow's proprietary speech-recognition model, Canto, has shown significant improvements in accuracy. The company aims to expand its user base and further refine its technology to meet the growing demands of its clients.
Key Statistics
- $280 million raised in Series B funding
- $2 billion valuation
- Over 60 billion words generated by users
- Used by nearly all Fortune 500 companies and over 10,000 enterprises
- Error rates decreased from over 30% to between 5% and 10% in difficult conditions