Voice-to-text software company SpinVox has raised a whopping $100 million in a third round of funding from Goldman Sachs, among other investors, the company said this week. The funding gives SpinVox a valuation in excess of $500 million, according to CEO Christina Domecq, who was quoted in this Reuters report.
SpinVox, which employs 300 people in 9 countries, develops software that converts voice mail messages to text and then sends them to a blog or the recipient's e-mail or SMS inbox. That's an attractive feature for phone carriers looking to boost text traffic--and revenue from data services.
The 4-year-old company currently serves 12 international cell phone carriers, including Canada's Rogers Mobile and Alltel Wireless. But with the funds, it aims to double that number in 2008, expanding its business in North America and for Portuguese, Italian, and Arabic markets. It's also looking to partner with online services like Skype. It already has a downloadable application for Facebook and MySpace.
So far, including the latest round, SpinVox has raised $200 million. Other investors include GLG Partners, Blue Mountain Capital Management, and Toscafund Asset Management. According to the Reuters article, Domencq isn't looking for a buyout or an IPO, but is keeping her options open.