SW Chronicles: TranscribeMe Closes Over-Subscribed Investment Round

Last week, SW alum TranscribeMe closed their over-subscribed Angel investment round. Investors from a number of sources came together to support the startup, including Tech Coast Angels, Sand Hill Angels, Sierra Angels, Maverick Angels, and Keiretsu.

TranscribeMe is a hybrid speech-recognition software and crowdsourced transcriber platform.  The startup won SW New Zealand in 2011 and used the momentum to “Engage investors, build awareness of the product, hire talent, and bring our offering to market. Since then, we moved out headquarters from New Zealand to the Bay Area,” says Bethanie Krogstad, VP of Marketing for TranscribeMe.

Bethanie worked with Co-founders Alexi Dunayev and Greg Feerer for the past few months pitching to angel investors from the Bay Area, Los Angeles, and New Zealand.

“The result was a funding round which includes investment from leading angel investment group coming on board (ICEAngels), as well as grants from the New Zealand Government and Microsoft’s BizSpark program.  Total funding to date is now $1,500,000, with $900K being raised in this round (over-subscribing from our initial $750K goal),” Bethanie explains.

“We are managing a global workforce and producing 500% worker-efficiency by micro-tasking content and intelligently distributing it.  Our core Intellectual Property is in micro-tasking and speech processing.  The implications for crowd labor are that people can work anytime, anywhere, doing bite-sized work, but our platform is more efficient than traditional work, as we slice content in a way that allows workers to complete a task in 15-20 seconds without listening twice.

The reason the market should care about this? More people are telecommuting and self-publishing than ever before.  That means a lot of audio is being created, but it’s not searchable, and not shareable.  We’ve gathered a crowd of thousands of people from around the world, and they are helping us serve companies like VMware, GigaOM, Livescribe, and Evernote (who we have built integrations with).”