Peech, a Ukrainian software application that converts text into speech, raises $550,000 in a funding round led by Flyer One Ventures with additional backing by Yury Mazanik, founder of Belka Games.
The startup is planning to invest the capital in expanding its international reach.
“The growth of audio content consumers has been on a constant upward trajectory for the past few years. In the U.S. alone, 73% of the population listens to online audio monthly, which is only increasing. The rise in demand for audiobooks, podcasts, and other audio formats indicates that audio will be more popular than reading. Therefore, we see huge potential in Peech’s product and are happy to support the team in their efforts to develop a culture of consuming useful content in the audio format”.Vital Laptenok, General Partner at Flyer One Ventures
AI-enabled software application
Launched in 2022 by Andrey Poznyak and Alex Gorbel, Peech is a Belarus-based application that converts texts, files, images, or web pages into audiobooks in a few clicks.
Customers only need to scan a text page or book, upload a text file or PDF, or include any web article they like to listen to, and an AI-powered programme will convert it to a convenient audio format. The platform enables the consumers to listen to engaging articles while jogging, driving, or performing household chores, increasing the rate at which they consume any text.
“Knowledge is the main resource of our time, and projects that simplify the process of obtaining it will always be relevant. Due to the development of technology, the share of audio interfaces is greatly increasing, and there is still a lot of potential here. Currently, the application is available in over 60 languages, and we will improve the product to make it more convenient for the development of the audience.”Andrey Poznyak, the co-founder of Peech
Peech AI collects and reads the most helpful articles from the top publishers, such as Wired, Harvard Business Review, Vanity Fair, The Economist, Medium, Observer, The Washington Post, The New York Times, Bloomberg, BBC, and Business Insider, among others. This enables the consumption of high-quality material on several topics, including parenting, venture capital, marketing, healthy nutrition, financial markets, travel, etc.
Success and growth so far
The application has already garnered interest as more than 11,000 hours of unique content were voiced between February and May. It is well-liked across generations and cohorts.
The software is available in more than fifty languages, the team’s videos have garnered more than 2,400,000 views, and the app has approximately 2,000 subscribing clients, all with a minimal marketing budget.