Spinvox up for sale, says investor

Spinvox up for sale, says investor

Troubled voice-to-text firm Spinvox is up for sale, according to a report by investment firm Invesco Perpetual.

The investment company added that it had ‘written down’ the value of its investment in the company.

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 recognition technology.

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 in Spinvox.

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.

Written by Mobile Today
Mobile Today


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