Carnegie Speech Company Closes $2.2 Million A-2 Finance Round - CTTEC - Carnegie Mellon University

Tuesday, October 6, 2009

Carnegie Speech Company Closes $2.2 Million A-2 Finance Round

Carnegie Speech Company today announced that it has closed a $2.2 million A-2 financing round. Proceeds of the round, along with an additional strategic partnership and technology development agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the CIA and the broader US Intelligence Community, will be applied toward international and domestic US marketing, sales and distribution initiatives.

Carnegie Speech Company is a leading provider of software for assessing and teaching spoken languages to non-native speakers. With a suite of spoken language training products featuring artificial intelligence and speech recognition technologies under global license from Carnegie Mellon University, Carnegie Speech enables cost-effective, scalable and personalized spoken language training that maximizes language learning effectiveness while minimizing training time and expense.

“This investment round will enable Carnegie Speech to expand our sales, distribution and marketing initiatives in promising business sectors and geographies,” said Angela Kennedy, CEO of Carnegie Speech. “We see significant demand in Corporate Training, Government, Aviation and Global Education sectors and will apply these funds toward capitalizing on these opportunities.”

Carnegie Speech’s suite of language training software, including Carnegie Speech AssessmentTM, NativeAccent®, SpeakIraqiTM Phrasal and SpeakIraqiTM Advanced, SpeakRussianTM, SpeakFarsiTM and Climb Level 4TM, is internet enabled to be accessible any time - anywhere. With patent pending Pinpoint speech evaluation, targeted remediation and personalized curriculum featured in all its products, Carnegie Speech is positioned to capitalize on worldwide demand for spoken language instruction.

“We are pleased that the investment community has supported Carnegie Speech with this current round of financing,” said Angela Kennedy. “We are well aware of the significant challenges of raising funds in this economy, and appreciate the confidence our investors have in Carnegie Speech’s business plan, market opportunity and management team.”

Press Release and Pictures Courtesy Carnegie Speech