Total amount raised
$18.3 Millions
Latest funding date
06/01/2024
Location
Canary Speech has successfully raised $13 million in funding, with its latest round being a Series A. The company specializes in AI-driven vocal digital biomarkers for conversational speech virtual health monitoring.
Keep reading to explore the intricacies of Canary Speech's fundraising journey and the investors backing this innovative platform.
What Is Canary Speech?
Canary Speech, founded in 2016, is a technology company based in Provo, Utah. The company specializes in AI-driven vocal digital biomarkers for health monitoring, focusing on conditions like respiratory issues, dementia, and Alzheimer's disease.
Founded by Henry O'Connell and Jeff Adams, Canary Speech employs between 11 and 50 people. The company's innovative technology allows voice to be used as a vital sign, providing early detection of stress, mood, and energy levels, which aids in proactive healthcare management.
How Much Funding Has Canary Speech Raised?
- Series A
- Amount Raised: $13 million
- Date: June 2024
- Lead Investors: Cortes Capital, Sorenson Communications, SMK Corporation, Hackensack Meridian Health
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and support growth driven by advancements in AI and the healthcare industry's demand for advanced tools.
- Venture Round
- Amount Raised: $1.9 million
- Date: May 2023
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their vocal biomarker technology and expand market reach.
- Venture Round
- Amount Raised: $2.8 million
- Date: May 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their AI-driven capabilities and support ongoing research and development.
- Venture Round
- Amount Raised: $575,000
- Date: August 2017
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their vocal biomarker technology and establish initial market presence.
Total Amount Raised: $18.275 million. Current Valuation: Not publicly disclosed.
Key Investors
- Cortes Capital, LLC (Love's Private Equity)
- Details: Cortes Capital is a private equity firm associated with Love's. They led the Series A funding round for Canary Speech.
- Investment Focus Areas: Technology, Healthcare
- Notable Investments: Not publicly disclosed
- Sorenson Communications, LLC
- Details: Sorenson Communications provides communication products and services for the deaf and hard-of-hearing community. They participated in the Series A funding round for Canary Speech.
- Investment Focus Areas: Communication technologies, Services for the deaf and hard-of-hearing community
- Notable Investments: Not publicly disclosed
- SMK (Japan)
- Details: SMK is a Japanese company likely involved in technology and electronics. They participated in the Series A funding round for Canary Speech.
- Investment Focus Areas: Technology, Electronics
- Notable Investments: Not publicly disclosed
- Hackensack Meridian Health
- Details: Hackensack Meridian Health is a network of healthcare providers in New Jersey. They participated in the Series A funding round for Canary Speech.
- Investment Focus Areas: Healthcare, Medical technologies
- Notable Investments: Not publicly disclosed
What's Next for Canary Speech?
Canary Speech stands at the cusp of significant growth, driven by the increasing demand for AI-driven healthcare tools. With applications ranging from contact centers to remote patient monitoring, the company is poised to revolutionize mental wellness and cognitive health screening. The $13 million Series A funding will enable them to expand their AI capabilities and scale their operations, meeting the high adoption rates of ambient listening tools among physicians.
Future fundraising opportunities appear promising as Canary Speech continues to demonstrate the value of its technology. The company is likely to attract further investments, potentially leading to strategic acquisitions that enhance its market reach. However, challenges such as ensuring data privacy, navigating regulatory requirements, and competing with other AI health tech companies will need to be addressed to sustain their growth trajectory.
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