Deepgram, an artificial intelligence startup selling speech recognition software that generates transcripts, has cut around 20% of staff, or around 20 people, CEO Scott Stephenson said. It was at least the second time this year the San Francisco startup has laid off workers, according to two people familiar with the cuts. Stephenson blamed higher interest rates, which have reduced startup funding.
The job cuts, which haven’t previously been reported, are a sign of the pressures facing AI startups in a field that’s changing quickly. Deepgram, founded in 2015 and backed by investors including Madrona Venture Group, Tiger Global Management and Y Combinator, is competing with newer rivals including OpenAI’s open-source Whisper speech recognition software, which launched September 2022, as well as larger incumbents such as Microsoft and Amazon.
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