CloudFactory, a Durham, N.C.-based provider of a distributed labor platform, received a $2m Program Related Investment from The Rockefeller Foundation.
The Foundation made the investment under its Digital Jobs Africa initiative, a seven-year, $100 million effort to improve a million lives by connecting high-potential but disadvantaged youth in Africa to sustainable digital employment opportunities and skills training.
The investment came after CloudFactory received $3m in Series A venture funding.
The company will use the funds to expand its SpeakerText service.
Led by Founder and CEO Mark Sears, CloudFactory is an online work platform for data-intensive processes, which allows technology companies to add human-powered features to their software platforms. Its service combines human and machine intelligence to provide accuracy video and audio transcription.
SpeakerText splits video and audio recordings into 10-second clips and dispatches them to large groups of workers for quick transcription.
The company’s workforce in Kenya already provides captioning for media companies like ESPN, large enterprises like Deloitte and educational institutions like the University of North Carolina. In addition, CloudFactory has engineered its platform to integrate with leading video platforms such as Ooyala, Brightcove, Kaltura and YouTube.
FinSMEs
14/02/2015