Maryland-based AI company receives dual investment from TEDCO’s Funds
COLLEGE PARK, Md., (July 16, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 investment in OmniSpeech. This investment was made in two parts, with $300,000 coming from TEDCO’s Venture Funds and the remaining $200,000 coming from TEDCO’s Social Impact Funds. TEDCO joins current OmniSpeech investors Calypso Investment Partners, Dasein Capital, Backstage Capital, Black Angel Tech Fund, and others. OmniSpeech has approximately $1MM outstanding in their current round.
“After decades of research and development, we are excited to expand our reach to improve more apps and devices with AI/ML-powered speech,” said Carol Espy-Wilson, founder and chief technology officer at OmniSpeech. “With TEDCO’s generous investments, we are excited to advance our innovative AI and machine learning technologies.”
OmniSpeech, located in College Park, Md., is dedicated to improving any speech enabled device or application with artificial intelligence (AI) and machine learning (ML). To-date, their core noise suppression technology is used to eliminate background noise and improve voice intelligibility on apps and devices from leading manufactures. Leveraging their team’s expertise in speech science, AI, and optimizing ML algorithms for leading DSP platforms, OmniSpeech is expanding its R & D efforts to include improving automatic speech recognition (ASR), deep fake AI voice detection, voice biomarker identification and more. Earlier this year, OmniSpeech was announced as a winner of the Federal Trade Commission’s Voice Cloning Challenge.
“OmniSpeech’s innovative thinking includes promising solutions to supporting the growing needs of today’s voice powered technology and we hope this investment supports their continued growth,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds.
TEDCO’s evergreen Venture Funds are dedicated to funding and growing the next generation of early-stage businesses in Maryland. Learn more at https://www.tedcomd.com/funding/venture-funds.
“TEDCO’s investment in OmniSpeech exemplifies our diverse portfolio of companies with technology-based innovations,” said Jean-Luc Park, senior director of TEDCO’s Social Impact Funds. “As with all of our portfolio, we hope to see the company’s continued growth and development benefit the Maryland’s ecosystem.”
The Social Impact Funds were created to support underrepresented entrepreneurs throughout Maryland. For information about TEDCO’s Social Impact Funds, visit https://www.tedcomd.com/funding/social-impact-funds.
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Accredited investors interested in investing in OmniSpeech's current round should reach out to CEO, David Przygoda at prz@omni-speech.com.
For prospective customer/partnership inquiries, contact OmniSpeech at partnerships@omni-speech.com.
Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com
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About TEDCO - TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
About OmniSpeech - OmniSpeech is a leading developer of AI voice technology including noise suppression. OmniSpeech’s groundbreaking speech extraction technology provides the highest quality background noise reduction and speech enhancement available, and with flexible implementation methods, can deliver superior voice quality on any app or device. OmniSpeech is a graduate of the Venture Accelerator program at the University of Maryland OmniSpeech is a CDL Atlanta graduate and currently an Accelerate partner in the Advanced Technology Development Center (ATDC). Since its founding, OmniSpeech has garnered a number of prestigious technology awards and licensing contracts with Fortune 500 companies. For more information, visit: https://omni-speech.com
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