CloudFactory Chooses Kenya to Expand its SpeakerText Captioning and Transcription Business
DURHAM, N.C., February 13, 2015 – CloudFactory today announced it has received a $2 million Program Related Investment from The Rockefeller Foundation to expand its SpeakerText service, for fast, accurate video and audio transcription.
The Foundation made the investment under its Digital Jobs Africa initiative, a seven-year, $100 million effort to improve a million lives by connecting high-potential but disadvantaged youth in Africa to sustainable digital employment opportunities and skills training. The Foundation’s investment comes shortly after CloudFactory received $3 million in Series A venture funding.
CloudFactory is an online work platform for data-intensive processes, which allows technology companies to add human-powered features to their software platforms. CloudFactory’s SpeakerText service combines human and machine intelligence to provide high-speed, high-accuracy video and audio transcription. SpeakerText splits video and audio recordings into 10-second clips and dispatches them to large groups of workers for quick transcription. The Foundation’s investment will help create jobs at scale for the previously unemployed.