Tech Funding Recap for March 8, 2021

Technology is an industry that just keeps on growing. Tech companies are constantly improving and updating to make people’s lives more convenient. Read on to find out about three companies who recently raised funds to grow their businesses and create products that move the world forward.

Verbit

Verbit is a voice and speech recognition tech company that focuses on the banking, health care, and automotive industries. The Tel Aviv and New York based startup will be contributing to the voice transcription services in speech recognition tech. The company will be offering adaptive speech recognition that can generate detailed transcriptions that are over 99.9% accurate.

Verbit sets itself apart from other companies due to its reliance on advances in machine learning and natural language understanding. It relies on acoustic, linguistic and contextual algorithms that filters out background noise and identifies speakers regardless of accent while recognizing domain specific terms and incorporating current events and updates.

It works by taking audio and video files to a cloud dashboard where a team of more than 22,000 freelancers in over 120 countries edit and review the material according to customer supplied guidelines.

The company recently announced the close of a $60 million series C round that they will be using to boost R & D.

Zapata

Zapata is a company that’s mission is, “Delivering quantum advantage for customers through real business use cases.”

Quantum computing relies on qubits (bits that can be in a state of 0 or 1 as opposed to other bits that can only be in one state or the other) to perform computations that are beyond most computers’ capabilities. Zapata focuses on algorithms and software that sit on top of the hardware.

Its sole product is a hardware agnostic Orquestra quantum computing platform that can be used by businesses to figure out the best applications for quantum computing without requiring a lot of prior technical knowledge.

Zapata recently raised $38 million for its quantum computing enterprise software program. It plans to continue its work on the optimization and simulation of the product and says that it is currently best optimized for machine learning.

Gunzilla

Gunzilla is a gaming company that is working on a new generation of shooters. Its goal is to relate an engaging story without sacrificing game play.

The game currently being developed is based on a story written by Richard K. Morgan (Altered Carbon and The Steel Remains) and long time video game writer Oliver Henriot (Assassin’s Creed, The Division, Far Cry). The game is targeted for Sony PlayStation 5 and the Microsoft Xbox Series X.  

The company recently raised $25 million to make triple A projects. They are hoping to grow their team to more than 200 employees by the end of the year and implement new approaches to make their next game a rousing success.

The steps these companies are taking will serve to make life more exciting, more convenient and more enjoyable overall. The funds they have raised will help them further develop their products and their companies. It will be interesting to see what they come up with in the coming years.