AssemblyAI Secures $50M to Invest in AI Speech Models

AssemblyAI secures a $50 million investment in a recent funding round led by Accel, bringing its total capital to an impressive $115 million.

The company specializes in researching, training, and deploying AI models for seamless integration into applications and services. The company reports a remarkable 200% growth in its paying customer base, reaching 4,000 brands. Its AI platform is handling an impressive 25 million API calls daily, with over 200,000 developers utilizing the platform to process more than ten terabytes of data daily.

“AI models are rapidly improving and evolving. Enterprises that leverage AssemblyAI’s API platform are able to focus on building new AI products, applications and workflows without having to focus on model development, training and keeping up with the rapid pace of model innovation. Nor do they need to worry about deploying AI models at scale themselves, which is extremely challenging to do for low cost and with high availability, ”  told Dylan Fox, co-founder and CEO AssemblyAI to TechCrunch in an email interview.

Founded in 2017 by machine learning engineer Matt Fox, AssemblyAI draws inspiration from the transformative potential of AI systems, exemplified by products like the Amazon Echo. Focused on speech applications, AssemblyAI's AI models perform tasks such as speech-to-text, speaker identification, content moderation, and speech summarization through its API. Noteworthy customers, including Fireflies, a meeting transcription app, leverage AssemblyAI's advanced models for diverse content.

"We're proud to have had an impressive roster of research leaders and scientists from DeepMind, Microsoft, Google, Amazon, and Meta join us over the past year," said Dylan Fox, CEO, of AssemblyAI.

Looking ahead, AssemblyAI plans to allocate some of the new funding to develop a "universal speech model" trained on a massive petabyte of voice data, scheduled for launch later in the year. Additionally, the company is set to expand its workforce by 50% to 75% in the coming year.

Last year, a competitor in the automatic speech space, Deepgram, raised the biggest Series B funding in this category.