Artificial intelligence-powered audio transcription app, Otter, raised another $10 million funding led by Japan’s mobile phone operator DOCOMO Inc.
Under the terms of the new funding, DOCOMO will integrate Otter’s technology into its AI translation service, providing more precise English transcripts to and from the Japanese language. Otter benefits from this collaboration as it expands to the Japanese market.
Also part of the investment is offering Otter’s services to Berlitz’s English Language classes in Japan. CEO Sam Liang mentioned that some students are using their tools for transcribing texts and reviewing lessons, then start voice playback.
“Docomo’s support and commitment have enabled Otter to quickly address business needs in japan for a highly accurate meeting note-taking collaboration app. Otter is pleased to partner with market leader Docomo to bring innovative business collaboration offerings to Japan, that transcends language and transform the way people work,” added Liang.
The fresh funding raises the company’s total venture capital to $23 million, after the seed capital of $13 million. Otter is backed by investors such as Slow Ventures, Duke University Innovation Fund, Harris Barton Asset Management, GGV, Dragon Fund, Fusion Fund, and others. Four years since its founding, Otter already dominates the audio transcription market with its AI-powered transcription tool.
Otter doesn’t simply stop at AI-powered audio transcription tools as it also dominates on education and provides business solutions. For over a year now, the company has designed a tool for instructors to control access to recorded transcripts, which provide support to student disability services. This is under the Otter for Education technology which relies on digital tools for students to learn better.
The company also launched the Otter for Teams, a subscription solution to help small and medium-sized businesses in account management, reporting, and provisioning. Moreover, the company also provides single support under this subscription to let users highlight bits of conversations.
The technology uses the cloud for processing transcriptions. The so-called ‘diarization’ generates a unique print for a person’s voice. This technology is developed by a team from Google, Yahoo, Facebook, MIT, Stanford, Duke, and Cambridge. The goal is to simply optimize tools for conversations.
Otter competes with tech giant Microsoft, with its 365 tool that hosts live events with autonomous speech-to-text conversion, backed by artificial intelligence.
Otter offers a free plan with 600 minutes of transcription and unlimited cloud storage. The tool for Teams starts at $12.50 per month and Student tool at $10 per month.