Troubled voice-to-text firm
Spinvox is up for sale, according to a report by investment firm Invesco
company added that it had ‘written down’ the value of its investment in the
Spinvox, which converts
voice messages into text messages using advanced speech recognition software, was
unavailable for comment.
The troubled start-up
company has been dogged by controversy for the past few months with allegations
of financial misconduct, mistreatment of staff and disputes over its speech
Invesco Perpetual has invested £759,000 in the firm but now estimates its
investment has plummeted 90% to £76,000, according to its accounts.
It said it had decided ‘not
to invest in a further funding round’, which would dilute the size of its stake
Spinvox raised a further
£15m in July after raising £61m in March 2008. But that funding round has left it burdened
with a £30m debenture that must be paid before Christmas, according to
documents just filed at Companies House.
‘The business has been put
up for sale, and it is possible that, should a good sales price be achieved,
the new valuation may be exceeded,’ Invesco Perpetual said in its report.
An Invesco Perpetual
declined to comment on the report.