Press release – embargo 28.5.2021
Speech technology startup Inscripta raises 700 000 euro funding round to accelerate growth with renowned business angels
Finnish speech technology startup Inscripta has raised a funding round totaling 0.7 million euro to further develop their proprietary speech recognition technology and application suite and to accelerate growth. The company offers highly accurate enterprise-level speech recognition solutions to customers in healthcare, call center, telecommunications, and other specialized fields. Inscripta’s clients include companies such as Lapland Hospital District, Mehiläinen and Fimlab, the biggest laboratory in Finland.
Several renowned business angels joined the round, such as Ali Omar (co-founder of Med Group), Henry Nilert (founder of Iobox), board professional Leena Niemistö (Pihlajalinna, Stockmann, Raisio), Jari Paakkarinen (Fiban business angel, ex-Nokia). Inscripta’s founding partners include Simo Sorsakivi, Joni Aaltonen and Peter Smit.
Inscripta’s advanced speech recognition technology is able to convert speech to text in any language, with only a minimal amount of training. – Inscripta has also built various tools on top of their technology that allow healthcare organizations to transcribe patient notes with customizable workflows that best suit them. Healthcare professionals are able to dictate using their computers so that the text appears immediately in the target system, without any need for integrations. Users are also able to dictate to a speech recognition powered transcription queue, where the transcript can be reviewed and processed further. These performance increases and thus cost savings can be substantial, says one of Inscripta’s funding rounds lead investors Ali Omar.
Inscripta is investing in growth and internationalization
Inscripta is a software development company founded in 2016 with a team of 16 professionals and has created an extensive end-to-end speech recognition solution for healthcare professionals as well as other demanding segments that can benefit from the utilization of speech technologies, such as call centers and analytics providers. Some of the company’s well-known customers include Mehiläinen, Heltti, Fimlab Laboratories, and joint surgery hospital Coxa. The core technology is also sold by partner companies (Siili, Digital Workforce, DrAI, Aiwo Digital, Lumoa, Cubiq, Ontime) as a part of their solutions and product offerings. Inscripta aims to invest especially in product development and internationalization.
Due to our uniquely performant and customizable technology, we are able to provide organizations utilizing speech recognition savings well over hundreds of thousands. Implementation of our technology is painless and swift and does not require an individual user to train the system to recognize their voice. The solution also integrates well to organizations’ other information systems via an application programming interface (API) if needed, says Inscripta’s founder and CEO, Simo Sorsakivi.
Even though there are already large international operators in this field, speech technologies are still in the middle stages of their development cycle. Companies and organizations have only recently started to recognize the numerous different applications where the utilization of speech recognition can improve operations; for example to improve their customer service or to deepen the understanding of their customer base. Companies with a specialized focus can serve specific customer needs that global giants are simply unable to, says the funding round’s other lead investor Henry Nilert.
Our technology is based heavily on the research results of the scientific world and pioneering technologies. We provide our customers with an easy way to customize their speech recognition functionality for any language or domain-specific vocabulary. In this way, speech recognition can correctly interpret, for example, industry-specific abbreviations and professional terms that would otherwise be rare in ordinary language. The technology also works especially well for narrowband audio common in phone transmitted voice, as opposed to the models of our many global competitors, says co-founder, Chief Scientific Officer, Dr. Peter Smit.
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Picture text: Inscripta’s CEO Simo Sorsakivi and CTO Joni Aaltonen