Speaktoit, a developer of technologies based on natural language conversations, announced last week it has received an investment from Intel’s investment arm, Intel Capital. The investment amount and the startup’s valuation are kept undisclosed.
Founded in Russia in October, 2010, Speaktoit attracted angel money in January, 2011. It also received a grant from Skolkovo, the state-sponsored tech hub nearing completion near Moscow.
But the startup, which targets essentially the global market, now defines itself as “a US company with a Russian research subsidiary,” said CEO Ilya Gelfenbeyn to East-West Digital News. Speaktoit has its offices in Moscow, Novosibirsk, Washington DC, and soon in Sunnyvale, California.
In May, 2011, Speaktoit launched its first product, a talking assistant for smartphones, which can answer questions in natural language, notify users about important events, launch apps and connect users with web services such as Google, Facebook or Twitter. The app works with the smartphone to get maps, search for news and images, look up weather reports, convert currency and measurements, send email, and much more. Users can also choose the assistant’s appearance from a range of types – from a pretty blonde or brunette to a handsome agent or wizened professor.
Speaktoit’s Assistant has been downloaded more than 2.5 million times. The app is currently available on iOS and Android.
The apps generates significant revenues, Gelfenbeyn told EWDN. “We are ranked in the top paid Productivity apps on the US App Store. Other forms of monetization will be started later.”
The funding from Intel Capital will be used to bring the Speaktoit Assistant to additional mobile platforms as well as TV, automotive and smart home electronics. Speaktoit will also further develop the Assistant’s functionality by establishing new partnerships with content providers and services. Additionally, the app will become available in other languages, including Spanish.
“Speaktoit builds products enabling next generation user interface and user experience; an area that is becoming increasingly important across a variety of platforms including mobile,” believes Maxim Krasnykh, Investment Director at Intel Capital.
