Total amount raised
$16.3 Millions
Latest funding date
3/1/2022
Location
Ava has successfully raised $10 million in a Series A round and $4.5 million in a Seed round, attracting a total of 23 investors. The platform leverages AI to provide live captioning services, making communication more accessible for people who are deaf or hard of hearing.
Keep reading to explore the intricacies of Ava's fundraising journey and the investors backing this innovative platform.
What Is Ava?
Ava, founded on August 1, 2014, in San Francisco, California, develops a live captioning platform using AI to transcribe spoken words into text in real-time. The company was founded by Pieter Doevendans, Skinner Cheng, and Thibault Duchemin.
With a commitment to accessibility, Ava aims to break down communication barriers for the 466 million deaf and hard-of-hearing individuals worldwide. The platform offers various services, including AI Live Captions, Scribe Captions, Scribe Transcripts, and ASL Interpretation.
Currently, Ava employs between 11 and 50 people, working tirelessly to make conversations accessible for everyone. Their innovative solutions are designed to cater to diverse needs, from office and remote work to education and live events.
How Much Funding Has Ava Raised?
- Product Crowdfunding
- Amount Raised: $45,000
- Date: October 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-driven live captioning platform.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain initial support and resources without diluting equity.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Seed Round
- Amount Raised: $1,800,000
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the AI capabilities and improve the accuracy of live captions.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Seed Round
- Amount Raised: $4,500,000
- Date: December 2020
- Lead Investors: Initialized Capital, Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address the increased challenges faced by the deaf and hard-of-hearing community during the COVID-19 pandemic.
- Series A
- Amount Raised: $10,000,000
- Date: March 2022
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the development and capabilities of their AI-driven live captioning platform.
Total Amount Raised: $16,345,000. Current Valuation: Not publicly disclosed.
Key Investors
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm that provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. Founded by Vinod Khosla, the firm is known for its focus on impactful and innovative startups.
- Investment Focus Areas: Healthcare, sustainability, technology.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Initialized Capital
- Details: Initialized Capital is an early-stage venture capital firm that invests in high-potential startups. The firm was co-founded by Garry Tan and Alexis Ohanian, who are known for their hands-on approach to supporting portfolio companies.
- Investment Focus Areas: Early-stage investments, technology, consumer products.
- Notable Investments: Coinbase, Instacart, Reddit.
- Frenchfounders
- Details: Frenchfounders is a global business club that connects French-speaking entrepreneurs and executives. The organization aims to foster collaboration and support among its members through networking events and investment opportunities.
- Investment Focus Areas: Technology, consumer goods, healthcare.
- Notable Investments: Not publicly disclosed.
- Lerer Hippeau
- Details: Lerer Hippeau is a New York-based venture capital firm that invests in early-stage companies. The firm is known for its strong network and support system for startups in various industries.
- Investment Focus Areas: Media, technology, consumer products.
- Notable Investments: BuzzFeed, Warby Parker, Glossier.
- Day One Ventures
- Details: Day One Ventures is a venture capital firm that combines investment with public relations support. The firm focuses on early-stage startups and aims to help them grow through strategic communication and media exposure.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: Superhuman, Truebill, Lattice.
What's Next for Ava?
With a significant market of 450 million deaf and hard-of-hearing individuals globally, Ava's potential for growth is immense. The company is poised to expand its product offerings, including professional solutions like closed captions for online meetings and highly accurate real-time captions. This expansion aligns with the increasing focus on accessibility tech, especially in the context of remote work and virtual meetings.
Given the successful raise of $4.5 million, Ava is well-positioned for future fundraising opportunities. The growing demand for accessibility solutions suggests that further investment is likely, enabling Ava to develop its technology and expand its market reach. However, the company will need to ensure the accuracy and reliability of its AI-based services while navigating regulatory and compliance issues across different regions.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Ava and gather other critical business insights. Sign up for free today and elevate your sales strategy with the power of detailed, actionable information.
