Romanian company Vatis Tech announces a new funding round worth 650.000 euros. Existing investors led the round – Early Game Venture and Sparking Capital funds and Mălin Ștefănescu as an angel investor. Other private investors have also joined the current round.
Vatis Tech is widely known for developing AI-based voice recognition technologies that outmatch in terms of accuracy global players such as Google or Microsoft.
The new capital flow will allow the company to increase sales in Romania in order to reach a larger market share, but also to expand operations in at least one more European market. Among the targeted markets there are Germany, Spain, and France.
For Vatis Tech, 2022 counted as a year of accelerated growth, and the trend is set to continue this year as well. The company’s revenues increased 10 times year over year, while the growth rate for the last quarter was over 30%.
“From the very beginning, our strategy has prioritized product quality and user experience. From a technological point of view, we needed a very good product to win against any voice recognition AI developed by the global players. The moment we created this product, we launched it and even if we started with a customer who was testing our technology, now we have dozens of large recurring customers and many pilot projects in various stages of implementation both in the private and in the governmental sector, where digitization of classic processes is desired. All this happened in one year, which makes us even more ambitious for 2023″, says Adrian Ispas, Co-founder and CEO of Vatis Tech.
“I am delighted that we have the opportunity to lead a new round of investment in Vatis Tech. After the first investment round our expectations have been met – the team has demonstrated that a highly accurate speech-to-text technology can be built and gain success. Now we would love to see the results obtained in Romania replicated in other European countries, based on a mature technology that is starting to be adopted more and more by companies” – Dan Călugăreanu, Partner Early Game Ventures.
“When we first invested in Vatis Tech, we trusted a promising team that convinced us with their professionalism and commitment. We chose to join this funding round and increase our participation in Vatis, which has managed to convince the last months more and more customers, from Romania and abroad, that their technology outmatches the competition. The capital attracted will sustain international expansion while we will continue to support the Vatis team in taking international markets with a product “made in Bucharest out of love for technology and with a lot of coffee” – Vlad Sarca, Partner Sparking Capital.
“Vatis Tech founders are young, passionate, and skillful, the product manages to outperform similar products owned by technological giants and companies need transcriptions from the Romanian language and, usually, from languages less used by multinational companies. I was thrilled that several business angels from TechAngels joined me in this round. I am confident that together with EGV and Sparking we will be able to help create a new success story in IT” – Mălin Ștefănescu, President TechAngels.
The company announces the launch of new transcription models, designed for specific termed areas, such as medical or legal, but also for call centers, a huge transcription needs economic field.
To develop the local market, Vatis Tech has signed agreements with several partners including Vodafone Romania, GBC, Sofmedica Group, Gama IT, Kontron Services Romania, Wolters Kluwer, Blue Note or Synaptic SBS – with their help a series of pilot projects in different industries (medical services, call center, legal services) will be launched in the first quarter of 2023.
Currently, Vatis Tech’s accuracy ratio in Romanian is over 95%, while Google or Microsoft gets 85%. The technology is successfully used in several industries such as media, legal, medical, and call centers.
Since launching its technology, Vatis Tech has broken the record of 3.1 million transcribed notes.
Currently, more than 20 companies use Vatis Tech technology, including Klarmedia, Unicredit, Voyo, The Vast, and Curious or Termene.ro.
The technological progress made by Vatis Tech over the last year allows private companies and government institutions to automate more than ever processes and entire streams of audio data thus achieving cost efficiency, superior response times to customer needs, extracting key information in real-time and, also to generate new streams of revenue.
In order to use Vatis Tech technology, a user simply needs to create an online account at https://vatis.tech/ and upload the audio or video files that have to be transcribed. The free trial period includes 1 hour of audio or video content. Afterward, the transcription service can be purchased on a subscription basis from 5 euros/hour of content or 1 euro/hour for API integration.