Romanian company Vatis Tech has announced a new funding round worth €650.000. Existing investors led the round, including funds from Early Game Venture and Sparking Capital, as well as angel investor MălinȘtefănescu. Other private investors are also participating in the current round.
Vatis Tech is widely known for developing AI-based speech recognition technology that outperforms global players such as Google and Microsoft in terms of accuracy.
The new capital flow will allow the company to increase sales and market share in Romania, as well as expand its operations in at least one more European market. Target markets include Germany, Spain and France.
2022 was a year of accelerated growth for Vatis Tech, and the trend is expected to continue this year. The company’s revenue increased tenfold from his year-ago quarter, and last quarter’s growth surpassed his 30%.
“From the beginning, our strategy has prioritized product quality and user experience. The minute we created this product, even if we started with customers who were launching it and testing our technology, now they are in various stages of implementation in both the private and government sectors. We have dozens of large recurring customers and many pilot projects in , where digitization of traditional processes is desired.All this happened in one year and we are looking forward to 2023 with even more I will be ambitious,” he said. Adrian Ispas, co-founder and CEO of Vatis Tech.
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“We are delighted to have the opportunity to lead a new investment round into Vatis Tech. After the initial investment round, our expectations have been met. We are now looking forward to replicating the results obtained in Romania in other European countries based on mature technology that is increasingly being adopted by companies .” Dan Călugăreanu, Early Game Ventures Partner.
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“When we first invested in Vatis Tech, we trusted a promising team who convinced us with their professionalism and commitment. In recent months, Vatis has been convincing a growing number of customers in Romania and abroad that their technology outperforms their competitors. Maintaining international expansion and continuing to support the Vatis team to tap international markets with products “made in Bucharest from love of technology and lots of coffee” – Vlad Sarca, Sparking Capital Partner.
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“Vatis Tech’s founders are young, passionate and skilled, the product has outperformed similar products owned by tech giants, and the company is from Romanian, typically multinational Companies need transcriptions from languages that are not commonly used.We were thrilled to have a few business angels from TechAngels join us in this round.With EGV and Sparking, we are looking for new innovations in the IT space. I am confident that we can create a success story.” TechAngels President Marin Stephanescu said:
The company announced the launch of a new transcription model designed for specific terminology domains such as medical and legal, but also for call centers with huge transcription needs in the economic sector.
In order to develop the local market, Vatis Tech has signed agreements with multiple partners such as Vodafone Romania, GBC, Sofmedica Group, Gama IT, Kontron Services Romania, Wolters Kluwer, Blue Note, Synaptic SBS, etc. is supporting a pilot project of (Medical Services, Call Center, Legal Services) will start in the first quarter of his 2023.
Currently, Vatis Tech’s accuracy in Romanian is over 95%, with Google or Microsoft achieving 85%. This technology is used in multiple industries such as media, legal, healthcare and call centers.
Since launching the technology, Vatis Tech has broken the record of 3.1 million transcribed notes.
Over 20 companies currently use Vatis Tech technology, including Klarmedia, Unicredit, Voyo, The Vast, Curious or Termene.ro.
Technological advances made by Vatis Tech in the last year have enabled private companies and government agencies to automate the entire voice data process and stream more than ever before, resulting in cost efficiencies, better response times to customer needs, and real-time critical Information extraction can be achieved. And to generate new sources of income.
To use Vatis Tech technology, users simply create an online account at https://vatis.tech/ and upload the audio or video file that needs to be transcribed. The free trial period includes 1 hour of audio or video content. You can then purchase the transcription service starting at €5 per hour of content on a subscription basis or €1 via API integration.
