Networking equipment producer Cisco plans to purchase Voicea, a US-based dictation software developer that is also one of its portfolio companies, for an undisclosed sum, it has disclosed.
In addition to the corporate’s Cisco Investment unit, software provider Microsoft, internet and technology conglomerate Alphabet and enterprise software producers Workday and Salesforce are also set to exit.
Founded in 2016 as Workfit, Voicea has developed a voice assistant for enterprises that uses speech recognition and artificial intelligence to record memos, highlights and points of action from conference calls, phone calls and in-person meetings.
Clients can also use a voice-to-search tool to locate information held within the software. Cisco plans to add Voicea’s AI and speech recognition-powered transcription capabilities to its own online conferencing and collaboration software, Cisco Webex, and Voicea employees will join the Webex team.
The company had raised $20m, $5.5m of which came from Salesforce subsidiary Salesforce Ventures, Greycroft Partners, Battery Ventures and assorted angel investors in an early 2017 seed round.
Voicea subsequently secured $14.5m in a round led by E.ventures and backed by Salesforce Ventures and Cisco Investments predecessor Cisco Ventures as well as fellow corporate venturing units Workday Ventures and Microsoft Ventures in March 2018.