The investment fund Early Game Ventures (earlygame.vc) announces the signing of an investment round worth 200,000 euros at Vatis Tech (https://vatis.tech/), a startup developing speech recognition technology. Sparking Capital and Mălin Ștefănescu took part in the round, and the DLA Piper team, consisting of Cristina Bucur and Ciprian Frandeș, provided legal support for the transaction.
“At Vatis Tech, we focus on developing recognition algorithms for European languages such as French, Italian, German, Dutch and Polish. We started with the Romanian language, of course, and proved that our solution gave better results than Google technology. In tests conducted so far, Google’s transcription accuracy is 84% while that of Daddy Tech has exceeded 94%. The speech recognition algorithms we have developed specialize in industries such as media, finance, technology or the medical sector, ”says Adrian Ispas, founder and CEO of Vatis Tech.
Vatis Tech’s service is available online and can be tested by anyone. Developers can use the API to integrate Daddy’s technology into their products and services, benefit from dedicated support, and benefit from great pricing.
“We are happy when we have the opportunity to invest in companies that develop technologies and not just new business models. Deep tech startups are extremely scalable; they can meet a wide variety of requirements and use cases in many industries and areas, ”said Dan Călugăreanu, EGV partner. “Speech recognition technology is mature and widely accepted. From this perspective, a startup that brings the remaining European languages to the level of English in terms of accuracy is addressing an urgent need. In the future, many other startups and corporations will use Vatis Tech’s algorithms to integrate them into their own products and services. So the EGV investment in Vatis Tech is part of our thesis
“, Adds Dan Călugăreanu.
Vatis Tech will use 200,000 euros to develop Romanian language algorithms and commercialize the technology. The company will later develop algorithms for other European languages and expand its activities abroad.
Early Game Ventures (EGV) is a venture capital company financed mainly through the Operational Program Competitiveness 2014-2020, which is co-financed by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank group and the leading risk financier for Europe’s SMEs through venture capital, collateral and microfinance instruments. In Romania, the EIF uses financial instruments co-financed by structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Operational Program for Competitiveness 2014-2020 (POC) makes investments to meet the needs and challenges arising from low economic competitiveness, particularly in relation to (a) insufficient support for research, development and innovation and (b) underdeveloped information and communication technology infrastructure. POC benefits from an allocation of € 1.33 billion from the European Regional Development Fund.