1 December 2020, London
Edge Investments (“Edge”), the leading growth investor in the UK creative economy, has invested £2m in Trint, the market-leading A.I.-powered speech-to-text platform for content creation. Edge’s investment joins a round opened in August by The New York Times Company and includes further input from individual investors. The Company closes a total of £5m in this round.
Founded as the first of its kind by Emmy Award-winning journalist Jeff Kofman, Trint uses speech-to-text technology to automate transcription in 31 languages, making conversations searchable, editable, and shareable. Available to both individuals and enterprises, Trint’s collaboration tools connect teams for seamless, fast, and secure content creation, whether working from the office, out on location or remotely at home.
Since its launch in London in 2014, Trint has grown from four to more than 80 employees, and launched a North American headquarters in Toronto. The Company has also seen consistent revenue growth while significantly expanding its B2B offering in a short period, counting some of the world’s largest media organizations as customers, including The Associated Press, Vice News, The Washington Post and Der Spiegel, in addition to high profile companies like Airbnb, Nike, Spotify and the New York Police Department. The Company’s rapid success saw it climb to number 10 in 2020’s Start-ups 100, the UK’s longest-running start-up index. In November Deloitte named Trint one of the UK’s fastest-growing tech companies in the 2020 UK Technology Fast 50.
The global voice and speech recognition tech market is expected to be worth $31.82 billion¹ by 2025, driven by new applications in the banking, health care, and automotive industries. It is estimated that one in five people in the US interacts with a smart speaker on a daily basis and that the share of Google searches conducted by voice in the country recently surpassed 30%².
Edge’s investment and extensive network will support Trint as it continues to attract the world-leading talent required to enhance its content-creation software. Trint’s team is on track to double this year (increasing from a workforce of 50 to 86 since the pandemic began) with plans to triple in size to 150 employees by July of 2021.
It will also help the Company expand its product development and innovation, helping its customers to leverage and unlock the value of spoken word through audio and video content, by creating a new market category called StoryTech, which allows users to create compelling audio, video and text content simply and fast.
David Glick, Chief Executive and Founder of Edge Investments, said: “Edge backs founders with purpose, and Emmy-winning former journalist and war correspondent Jeff Kofman is definitely a founder with a clear mission. Seeing people transcribing interviews, speeches, and news conferences in the 21st century the same archaic way journalists did in the 1970s, he realised that artificial intelligence (A.I.) and speech-to-text could do the heavy lifting of transcription. Spanning video, audio and the written word, Trint is a truly modern company solving a decades-old problem, and is poised to dominate its category.”
Hannah Williamson, Investment Manager at Edge Investments who led the investment, commented: “We have all had to adapt to the realities of a global pandemic, and many ways of our newfound remote and virtual working will become more of a permanent transition looking forward. By enabling organisations and content makers to maximize the value of written and spoken word, we believe that Trint has considerable growth potential as an exciting product and commercially valuable proposition. We are delighted to join and support the team on their journey as they continue to define and dominate a new software category.”
Jeff Kofman, CEO of Trint, added: “We are really excited to have Edge and The New York Times joining our investment team. Over the last year Trint has evolved from startup to scaleup and we know it’s critical to have professional investors helping us navigate through an exciting but complex high-growth phase. The breadth and depth of their expertise, as well as their networks in the sector, will really help us to drive Trint forward in 2021 and beyond.”