Executives from NVIDIA, Deepgram, and Sharpen gathered via Zoom on Wednesday to discuss the current state of the voice tech industry, as well as where it's going. Growth in artificial intelligence (AI) technology and machine learning have had a huge hand in lifting the market, but it's only the beginning. Voice tech has seen rapid growth in recent years and isn't predicted to stop: The market is estimated to be worth nearly $32 billion by 2025, a Grand View Research report found. With smart speakers and home assistants like Amazon Alexa, Apple's Siri, and Google Assistant making voice tech mainstream, most consumers are familiar with the concept. However, the technology is more complex than people may think and it has come a long way.

Now that data is the new oil, AI software startups are sprouting across the tech terrain like pumpjacks in Texas. A whopping $80 billion in venture capital is fueling as many as 12,000 new companies. Only a few will tap a gusher. Those who do, experts say, will practice six key success factors. Some of the biggest wins will come from startups with AI apps that "turn an existing provider on its head by figuring out a new approach for call centers, healthcare or whatever it is," said Rajeev Madhavan who manages a $300 million fund at Clear Ventures, nurturing nine AI startups.

Nvidia has come across more than 1,300 AI startups in its Inception program, but the graphics and AI chip maker believes that there aren't enough artificial intelligence startups out there. Jeff Herbst, vice president of business development, said that Nvidia wants to partner with venture capitalists to fund even more AI startups that will build out the necessary parts of the ecosystem for AI, which is expected to become a huge part of the technology landscape going forward. He said the doors are open to partnering because there are so many more startups than Nvidia can help or finance on its own. Nvidia held a lunch on Thursday at its GPU Technology Conference to enlist dozens of venture capitalists in its crusade to change the world through artificial intelligence. Five startups made presentations to the VCs during the lunch, and Herbst spoke with Jim McHugh, general manager of Nvidia's deep learning group, about the trends that will create opportunities for AI startups in the future.