Online video transcription firm SpeakerText announced a new round of funding this morning, raising $600,000 in an angel round led by Mitch Kapor. The funding will be used to ramp up hiring and expand the company’s team, which is now based in San Francisco.
The financing is a big win for SpeakerText, which provides a service that transcribes videos and enables publishers to link those transcripts to their video players through a drop-down menu. Transcripts are hosted in the cloud and are time-coded, so users that click on the text will automatically be connected to the corresponding portion of the video.
The key advantage to adding video transcripts is improved SEO, which enables publishers to have their videos more easily found and viewed through search engines. But SpeakerText also enables publishers to share portions of videos and transcripts through social networking services like Twitter and Facebook.
To make it work, SpeakerText has integrated its technology to work with YouTube, Blip.tv, Brightcove, Ooyala and WordPress video players. It also is available through self-publishing platforms like Long Tail Video’s freely available JW Player, and SpeakerText recently released an API so that any third party can plug into its system.
The startup, which was originally founded in New York, is now based in San Francisco, following a move across the country last year and a brief stop in Mountain View, Calif. SpeakerText made the move to be closer to investors and Silicon Valley talent, and has attracted both since relocating. With the funding, SpeakerText has increased its headcount from three full-time employees to five, with plans to double that number over the next six months.
Disclosure: Automattic, the maker of WordPress.com, is backed by True Ventures, a venture capital firm that is an investor in the parent company of this blog, Giga Omni Media. Om Malik, founder of Giga Omni Media, is also a venture partner at True.
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