SpeakerText, a startup that transcribes your videos into text, has raised $600,000 from a bevy of Silicon Valley angels, including Lotus founder Mitch Kapor and superangel Dave McClure, co-founder and CEO Matt Mireles has told us.
SpeakerText‘s service is interesting because transcribing makes it easier to search through videos, find quotes, etc. — it also makes videos easier to find by Google, which is a big deal for content publishers. SpeakerText works by using a blend of computers and humans: because computers can’t do vocie recognition really well, their algorithms transcribe most of the text and then humans iron out the kinks and transcribe what the computers couldn’t. Mireles told us his system gets smarter the more people use it.
The company charges $2 per minute of transcription plus a monthly fee above a certain usage limit. Mireles wouldn’t tell us how many customers he has.
We think SpeakerText has a good road ahead — it’s solving a real problem for many companies. And as AOL‘s leaked master plan shows, content publishers are betting on video in a big way and are ever dependent on Google, so a service like this might make sense for them.
Don’t Miss: AOL’s Master Plan →
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