The Maryland/Israel Trendlines Fund L.P. is making its first major investment in
NovoSpeech Ltd., an Israeli developer of speech recognition technology.
The $550,000 investment will help NovoSpeech develop a new algorithm that will make speech recognition technology more accurate. The company expects to achieve greater than 95 percent success rate with its speech recognition software.
NovoSpeech is working with a major manufacturer to embed its software in its Bluetooth devices and use the speech recognition technology as firmware. NovoSpeech will be launching its first smart phone application at the Mobile World Congress 2012 in Barcelona, Spain.
The Maryland/Israel Trendlines Fund is operated by the
Maryland/Israel Development Center and the
Trendlines Group. The Fund is designed to provide capital investment in early stage startups in Israel in the life sciences, information technology, agritech and clean tech industries.
“Speech technology is the next frontier in computing. Novospeech’s technology brings the promise of speech recognition to the market today,” says Maryland/Israel Development Center head Barry Bogage.
Source: Maayan Jaffe, The Associated
Writer: Amy McNeal