Thus, Vatis Tech obtained a total financing worth EUR850,000 over the last 15 months.
“From a technological point of view, we needed a very good product to win against any voice recognition AI developed by the global players. The moment we created this product, we launched it and even if we started with a customer who was testing our technology, now we have dozens of large recurring customers and many pilot projects in various stages of implementation both in the private and in the governmental sector, where digitization of classic processes is desired. All this happened in one year, which makes us even more ambitious for 2023“, said Adrian Ispas, Co-founder and CEO of Vatis Tech.
Existing investors led the round – Early Game Venture and Sparking Capital funds and Malin Stefanescu as an angel investor. Other private investors have also joined the current round.
“Vatis Tech founders are young, passionate, and skilful, the product manages to outperform similar products owned by technological giants and companies need transcriptions from the Romanian language and, usually, from languages less used by multinational companies. I was thrilled that several business angels from TechAngels joined me in this round. I am confident that together with EGV and Sparking we will be able to help create a new success story in IT,” said Malin Stefanescu, President of TechAngels.
The new capital flow will allow the company to increase sales in Romania in order to reach a larger market share, but also to expand operations in at least one more European market. Germany, Spain, and France are among the targeted markets.
“I am delighted that we have the opportunity to lead a new round of investment in Vatis Tech. After the first investment round our expectations have been met – the team has demonstrated that a highly accurate speech-to-text technology can be built and gain success. Now we would love to see the results obtained in Romania replicated in other European countries, based on a mature technology that is starting to be adopted more and more by companies,” said Dan Calugareanu, Partner Early Game Venture.
Vatis Tech is widely known for developing AI-based voice recognition technologies that outmatch global players such as Google or Microsoft in terms of accuracy. According to company representatives, Vatis Tech has broken the record of 3.1 million transcribed notes since the launch of its technology.
Currently, Vatis Tech’s accuracy ratio in Romanian is over 95%, while Google or Microsoft get 85%. The technology is successfully used in several industries such as media, legal, medical, and call centers.
To develop the local market, Vatis Tech has signed agreements with several partners including Vodafone Romania, GBC, Sofmedica Group, Gama IT, Kontron Services Romania, Wolters Kluwer, Blue Note or Synaptic SBS – with their help a series of pilot projects in different industries (medical services, call center, legal services) will be launched in the first quarter of 2023.
Vatis Tech was founded in 2020 by Adrian Ispas, Alexandru Topala and Emanuel Nazare – three experts in software development. The platform was officially launched in May 2022, nine months after the company had raised its first investment worth EUR200,000 from the Early Game Ventures and Sparking Capital funds and from Malin Stefanescu.