Startup: AssemblyAI Represents New Generation Speech Recognition - AI Trends

Advances in the AI behind speech recognition are driving growth in the market, attracting venture capital and funding startups, posing challenges to established players. The growing acceptance and use of speech recognition devices are driving the market, which according to an estimate by Meticulous Research is expected to reach $26.8 billion globally by 2025, according to a recent account in Analytics Insight. Better speed and accuracy are among the benefits of the evolving technology. One company in the throes of this new growth, AssemblyAI of San Francisco, is offering an API for speech recognition capable of transcribing videos, podcasts, phone calls, and remote meetings. The company was founded by CEO Dylan Fox in 2017 and has received backing from Y Combinator, a startup accelerator, as well as NVIDIA.