Thirty minutes after winning Connecticut Innovations’ third annual VentureClash competition, Voiceitt CEO Danny Weissberg sat in an emptying Yale auditorium with fellow co-founder Sara Smolley and reflected on how the moment nearly didn’t happen.
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Thirty minutes after winning Connecticut Innovations' third annual VentureClash competition, Voiceitt CEO Danny Weissberg sat in an emptying Yale auditorium with fellow co-founder Sara Smolley and reflected on how the moment nearly didn't happen.
Earlier this year, the 16-employee Israeli-based tech startup — which is developing speech recognition software to help those suffering from cerebral palsy, stroke or other conditions better communicate — was rejected in a semi-final qualifier. “They told us 'sorry guys, you were not selected,' ” Weissberg said.
Rejection is ultimately a reality for many entrepreneurs competing at the $5 million VentureClash pitch competition, which whittles down 300 applicants from around the globe to about 10 finalists, but Smolley decided to call CI CEO Matt McCooe for feedback. She pitched Voiceitt once more and told McCooe that the company had recently secured a $1 million prize from a Microsoft-sponsored investment contest.
McCooe said he sensed momentum.
“This is an example where we missed it,” McCooe said. “They had a lot going for them.”
Voiceitt has competed successfully in a number of pitch competitions, including Mass Challenge and another in New York called 43North. Weissberg and Smolley said VentureClash's vetting process was serious and well-run.
As a result of winning, the company has gained access to a $1.5 million capital-investment from CI, but deal terms still need to be worked out. If the investment is finalized, Voiceitt will have to set up some kind of presence in Connecticut. For now, the company is looking at Hartford and New Haven. Besides its Israel home base, it previously had a Boston office and still has a small presence in Buffalo — locations tied to winning investment competitions.
Voiceitt has also garnered an investment from Amazon. The company is hoping CI's funding will close an investment round totaling about $6 million.
Voiceitt's work stems from a personal experience for Weissberg. His grandmother suffered a stroke and lost her ability to clearly communicate.
“I saw what it means to lose your voice and a lot of your motor capabilities,” he said. “How frustrating and painful it is to not be able to convey even basic needs such as 'I'm thirsty' or 'I'm cold.' ”
Voiceitt's technology includes mobile apps, machine-learning software and wearable devices that translate difficult-to-understand speech into clearer audio and text.
The company hopes health insurers will pay for patients to use the technology.
McCooe said he's feeling good about the state of VentureClash, which will head into its fourth year in 2019 under a new governor.
The $1.5 million top prize is a major draw; it's still the biggest award of any similar competition, he said.
McCooe said deep involvement by companies like Travelers and Stanley Black & Decker, each of which posted their own $25,000 prize this year, is also encouraging.
“We want to keep expanding on that,” he said. “I think it's a good blueprint for Connecticut.”
