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Deepgram Hits $1.3 Billion Valuation With $130 Million Series C, Acquires OfOne

The raise funds Deepgram’s global expansion with a restaurant focus via OfOne.

AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration created on June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • AVP led the Series C, with new backers such as Alumni Ventures, Princeville Capital and Citi Ventures joining and existing investors including Tiger Global, Madrona and In‑Q‑Tel participating.
  • Deepgram said it will expand into Europe and the Asia‑Pacific region, add more languages, pursue further acquisitions and make large compute purchases to scale its real‑time voice platform.
  • The company announced the acquisition of OfOne to bolster drive‑thru and restaurant offerings, with performance metrics like 93% accuracy and 95%+ containment cited as company‑reported figures.
  • Deepgram provides real‑time STT, TTS and STS models and APIs for conversational agents and says more than 1,300 organizations use its platform, including NASA, Amazon Web Services, Decagon and Sierra.
  • Plans disclosed alongside the funding include launching a “Powered by Deepgram” partner program, opening a San Francisco Voice AI Collaboration Hub and expanding the patent portfolio.