A speech recognition technology developer is getting a financial boost of up to $1.5 million for its expansion into Connecticut.
Connecticut Innovations, the state’s quasi-public technology investment arm, announced recently it has closed on an initial $500,000 in funding for Voiceitt, an Israel-based company which helps people overcome verbal communication challenges through technology.
Voiceitt was the 2018 top investment award winner of VentureClash, Connecticut’s global venture challenge and funding competition for early-stage companies.
Connecticut Innovations manages VentureClash and provides financing and support for Connecticut’s emerging and growing companies. The $500,000 is an initial portion of a potential $1.5 million investment in Voiceitt.
Voiceitt plans to use the funds to establish a new Connecticut headquarters in Stamford, for marketing, and to accelerate its core speech-recognition technology. The company’s website also lists current office space in Buffalo, N.Y.
Voiceitt CEO Danny Weissberg said his company’s team is grateful to Connecticut Innovations and VentureClash. According to Weissberg, the funds will help Voiceitt better address the needs of its customers.
“We believe this award conveys the spirit of collaboration that is core to who we are as a company, and it also represents another step closer to realizing the vision we all share: to make speech-recognition technologies accessible to everyone,” Weissberg said.
Founded in 2012, Voiceitt has developed speech recognition technology to help people with impaired speech communicate. The technology can help individuals who have suffered a stroke, who have cerebral palsy, traumatic brain injury, Parkinson’s disease, and other conditions.
According to the company, more than 10 million people in the United States and Europe suffer from speech disabilities.
Alison Malloy, director of investments at Connecticut Innovations, said she looks forward to working with the Voiceitt team as they expand here.
“Voiceitt has the chance to enhance and improve the lives of those suffering from voice-altering conditions,” Malloy said.
VentureClash had about 300 applicants and the process culminated with a finals event on Oct. 20 at the Yale School of Management in New Haven. Voiceitt was among 10 finalists that gave presentations to a panel of judges comprised of venture capitalists and innovation experts.
For information on the 2019 challenge, visit www.ventureclash.com.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
