Investor interest in AI-powered voice technology is pushing Wispr Flow to a new valuation milestone, with the startup now valued at $2 billion, nearly 3x its valuation from 9 months ago.
The AI dictation company announced a $280 million Series B funding round led by existing investor Menlo Ventures. Existing backers Notable Capital, NEA and Neo Ventures also participated, along with new investors Acrew, Forerunner, Goodwater and Peak XV.
Wispr Flow had raised $25 million in a Series A extension in November last year at a $700 million valuation. With the latest funding, its total capital raised has reached $361 million.
The company develops software that converts speech into text for writing and workplace tasks. Its products are now used by more than 10,000 enterprises.
The latest funding comes as global venture capital continues to move toward AI, robotics and chip startups, driving faster follow-on rounds and higher valuations for a select group of high-growth companies.
Michael Ashley Schulman, partner at Cerity Partners, said, “The value may be there if the growth rate survives, since triple digit quarterly growth off a small base is the easiest number in venture capital to generate for a few quarters and the hardest one to keep producing once the early adopters stop being the entire customer base.”
Wispr Flow also previewed Canto, its first proprietary speech-recognition model. CEO Tanay Kothari said, “We built this model for where people actually use Flow. In the hardest conditions, with background noise, wind, heavy accents or music, error rates fall from more than 30% of words to somewhere between 5% and 10%.”
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