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Amsterdam-based Amberscript, a startup specialising in AI-enabled speech-to-text engines, announced on Wednesday that it has acquired two of its competitors – abtipper.de and uitgetypt.nl.
Endeit Capital, which invested €8M in Amberscript in 2021, financed the acquisition.
With these acquisitions, the Amsterdam company aims to cement its position as the market leader in the Netherlands and Germany.
Simultaneously, abtipper.de and uitgetypt.nl will benefit from Amberscript’s technological lead in the European market and can now use Amberscript’s generative AI.
Both companies will continue to operate under their names after the acquisition.
Peter-Paul de Leeuw, founder and CEO of Amberscript says, “The market for subtitling and transcription is developing rapidly, partly due to legislation and platforms such as YouTube.”
“To expand our lead and further shape our international ambitions, we acquired abtipper.de and uitgetypt.nl. They bring in knowledge, customers, and additional offices abroad, while the acquired companies can use our generative AI engine,” adds Leeuw.
In Europe, the subtitling and transcription market is growing fastest in Germany and the United Kingdom.
A large part of the providers in Europe are agencies that process audio manually. Apart from a few American companies, Amberscript is the only company that successfully uses (generative) AI and machine learning at the European level for subtitling and transcription.
Founded in 2017 by Peter-Paul de Leeuw, Thomas Dieste, and Timo Behrens, Amberscript has created a specialised AI-enabled speech-to-text engine to ease manual transcription efforts.
Its SaaS software enables users to automatically transcribe audio and video into text using speech recognition.
The company claims to produce subtitles with the highest accuracy in the market and delivered eight times faster than traditional manual methods. The platform is used by journalists, scientists, students, doctors, lawyers, and many others globally.
Since 2018, the Dutch company counts various arms of both German and Dutch governments, universities, public television broadcasters, and companies like Disney and Puma among its clients.
Source: Silicon Canals
Endeit refers to the following statement in connection with the sustainable finance disclosure regulation (SFDR), available here.
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