Speech-to-text developer attracts US$100m in new funding

As the financial markets stagger under the growing sub-prime crisis, good opportunities can still attract the interest of investment bankers. Some of the better-known financial investors, including Goldman Sachs, GLG Partners, Blue Mountain and Toscafund, have collected together US$100 million in a third round of funding for the speech-to-text mobile application company, SpinVox.

The company, which now has 12 mobile operators using its technology--and expects to add a similar number this year, has developed software that converts voicemails into text messages. The company claims its speech-to-text service for operators, called Messenger, boosts operator ARPU by 14 per cent and can reduce churn by more than 30 per cent.

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