Photo - VoiceScript Inc.
50993

VoiceScript Inc.

Technology to modernize the legal court reporting industry

USA, Florida
Market: Other, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 27.09.2022
Go to the owner's profile
2
equalizer from 2000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:
 

Idea

VoiceScript SaaS solutions revolutionize how the +$5 billion court reporting industry delivers product and services to the legal market.

Current Status

VoiceScript generated $380,000 in revenue in 2021. We are now on track to generate revenue of +$2 million 2022. VoiceScript clients include 4 of the top 10 national court reporting agencies in the US and we are gaining traction in the mid-market and with independent court reporters. The current customer pipeline represents +$4.5 million in 2022.

Market

VoiceScript and its subsidiary LegalDepo Solutions addresses the market through four distinct sets of customers. These include: 1.) large and mid-size court reporting agencies as channel to market partners, 2.) large and mid-size law firms and alternative legal services providers, 3.) large enterprise organizations that have their own legal operations and litigation teams, and 4.) federal and state court systems who outsource legal transcript production.

VoiceScript (Channel Sales) is positioned as a turnkey wholesale supplier of digital court reporter and low-cost transcript solutions to regional and national court reporting agencies. We currently have engagements with 2 national court reporting agencies, including Esquire the 3rd largest agency in the US and Trustpoint.One which is in the top 20 in the US. VoiceScript also has active engagements with several regional court reporting agencies, including Remote Legal in PA/NY/NJ, Ken Owen & Associates in TX, Rosenburg & Associates in NY/NJ & New England, with others in the pipeline. We will continue to grow our channel partnerships with over 1,500 potential court reporting agency channel partners representing the large to medium size court reporting agencies in the US. Our own market research and agency engagements suggest that the vast majority (+90%) of these agencies will have a need to partner with a provider of qualified digital reporters and low-cost transcript production in order to effectively deliver digital reporting services to their clients.

LegalDepo Solutions (Direct to Client Sales) is a wholly owned subsidiary of VoiceScript which was launched in December 2020. LegalDepo is positioned as a leading supplier of cost-efficient digital court reporting services sold directly to law firms, corporate inhouse legal operations, and to federal and state courts throughout the US. We currently offer our product and services at roughly 50% below current market pricing. LegalDepo began providing direct to client services to Florida based law firms in December 2020 and officially launched a sales and marketing campaign to law firms in 5 states, including TX, CA, FL, NY, and NJ. Legal Depo will expand its offer to law firms in 20 states by the end of 2021. In addition, LegalDepo will begin marketing its direct to client products to insurance and large corporate companies as well aggressively bid on federal and state court public bids once a LegalDepo sales team has been established.

Problem or Opportunity

A growing shortage of stenographers is forcing the court reporting industry to quickly transition to a digital delivery model. It is projected that the market will shift from 15% digital court reporting today to over 50% within the next four years. While the digital court reporter population is growing, current digital reporting solutions fall significantly short of meeting agency and end client (attorney) expectations. Current digital court reporting solutions provide fewer product options when compared to stenography, and do not appreciably reduce production costs.

Solution (product or service)

VoiceScript SaaS solutions are developed with the company’s own broad set of proprietary IP, including automated speech recognition (ASR), multi-channel recording & reporter software, and robotic process automation (RPA) based workforce & production workflow management technologies. Combined, VoiceScript solutions represent the only complete end-to-end service delivery SaaS ecosystem for the court reporting and legal transcription industry.

Competitors

Current competitors are primarily the old guard stenographers & legal transcriber subcontractors who have established subcontractor relationships with court reporting agencies & direct to law firms. The challenge for traditional stenographic based court reporters is that emerging AI technology-based suppliers, including VoiceScript, are able to deliver comparable products at much lower costs and much faster turnaround times. There is an emerging arms race with numerous companies attempting to integrate speech technologies with human transcription for the legal market, with no credible vendor having "cracked the code" on this yet. The most visible competitor is Verbit, an Israeli company that has raised $125M and is only now building its own speech technologies. In a recent side by side comparison, VoiceScript’s own speech technologies out-performed Verbit relative to overall automated speech to text accuracy. Other technology companies including Stenograph, Inc. and several lesser-known technology companies are also trying to build similar digital court reporting-based solutions. VoiceScript has a very strong and unique opportunity to be the first to market with several new to digital court reporting products, with the core advantage of having a complete end to end delivery platform (from scheduling a digital reporters to delivering a low cost certified transcript).

Advantages or differentiators

VoiceScript's advantages include:
1. Industry-leading AI speech technology & IP – including speech recognition, voice biometrics, voice detection, and more.
2. Crowdsourced transcript production & workflow management platform technologies.
3. Founding team with proven experience and technology leadership in AI, speech & crowdsource technologies and the legal market.
4. Extensive experience in growing and managing large scale Gig-Economy workers and legal transcription operations.
5. First to market advantage with game-changing software & UI tools for digital reporters that result in the lowest court reporter & transcript products in the industry.

Business model

VoiceScript self-service software and SaaS products are sold to large and mid-sized court reporting agencies as well as independent court reporters through base monthly subscription fees, plus a per audio hour usage fee.

Money will be spent on

Funding will be use to hire retain key employees, build out an initial sales team further progress VoiceScript speech and court reporting technology solutions for planned launch in Q2 2021.

Offer for investor

We are raising a minim of $1.5 Million on a pre-money valuation of $5.5 Million. This valuation was determined through due diligence with the Keiretsu Forum.

We also have a short term bridge round for between $200k and $300k that will close in February and will roll directly into the Keiretsu Forum round.

Team or Management

Risks

The biggest risk is VoiceScript not receiving funding earlier enough to help develop and launch several industry first products to the market. Without funding the company will be limited in its growth and scaling opportunities, and risk seeing other competitors enter the market with early market advantage which VoiceScript currently has the opportunity to lead.

Incubation/Acceleration programs accomplishment

GSD Accelerator in 2021, and currently active in the NewChip accelerator program.

Won the competition and other awards

Not Applicable
4,50
1
2
3
4
5
2 voices
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility1856
star0
Add to favorites
Delete from favorites
share
close
thumb_up1
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation