Wispr, a pioneer in patented voice dictation technology, has recently raised $25 million with Notable Capital providing the lead investment. Their voice dictation app, Wispr Flow, is picking up momentum in the marketplace at lightning speed. The investment is announced as the company approaches its one billion user milestone, with the company’s user base having grown 100x year-over-year. This funding will allow Wispr to improve its products and grow its mission to automate time-intensive tasks for its users.
VisPR Flow is now cross-platform, available on Windows, Mac, and iOS. The app has gotten a lot of positive press for its high level of accuracy, with a 10% error rate. For comparison, error rates for OpenAI’s Whisper and Apple’s native transcription apps were 27% and 47%, respectively. Such efficiency helps Wispr Flow be a market-competitive alternative.
The company features a staggering 70% 12-month retention rate. This impressive benchmark indicates that users really love the product. In terms of enterprise adoption, Wispr has reached 270 of the Fortune 500 companies and signed contracts with 125 organizations as enterprise customers. This continued growth is indicative of the bonafide need across industry verticals for accurate, dependable voice dictation solutions.
Since the beginning of June, Wispr Flow has had a 40% month-over-month growth rate. The company credits much of this success to their commitment to adding features and functionality well beyond basic dictation capabilities. Wispr is destined to become a voice-first operating system. She’s hoping it will be able to automate more workflows through more complex parsing, like replying to emails and prioritizing tasks.
Today, Wispr is piloting its technology with a closed API with limited-use enterprises and hardware partners. Next year, the tiny company plans to make its API widely available to more developers. This strategic foray will enliven greater innovation and enliven deeper integration into current networks.
Tanay Kothari, CEO of Wispr commented that he had been reluctant to raise more capital at first.
“We were still not planning to raise anytime soon because we had a really long runway and the team’s really lean. But when I heard from Hans and Steven, it made sense to put something together to bring them on.” – Tanay Kothari, Wispr CEO
Hans Tung from Notable Capital, which participated in the round, has joined Wispr’s board as an observer. He praised the startup’s aspirations and economic promise.
“What I really like about Wispr is that they are trying to be more than a dictation app and become like a voice-led operating system that can initiate workflow automation.” – Hans Tung, Notable Capital
Backed by this new investment, Wispr is poised to deeply advance its mission. The goal is to transform the way people and businesses get things done through the power of voice. Wispr is continuing to enrich the user experience and increase the functionality. This strategy is intended to ensure that it strengthens its foothold in the highly competitive market for voice dictation tools.