Carnegie Speech, a Pittsburgh, PA-based intelligent language learning company, has closed a $3.4m Series B financing.
The round was led by Golden Seeds, with participation from existing investor Osage Venture Partners and new backers from New York Angels.
The company intends to use the funding to increase sales and marketing efforts in the U.S. education sector, and expand international adoption of its solution among enterprises in the technology, call center and aviation industries.
Incorporating the linguistic expertise and technical innovations developed at Carnegie Mellon University’s Language Technologies Institute, Carnegie Speech develops spoken language training software and prepares enterprises and individuals to speak and understand new languages through personalized language analysis and instruction. The company’s products are used by Business, Aviation, Government, Education and Health Care enterprises that depend on effective spoken language communications.
The company has also appointed Paul Musselman as new CEO. He brings to Carnegie Speech more than 15 years of executive management and global experience in strategy, corporate development, finance and sales at major technology firms including Intel Capital, IBM, Net Perceptions, Misys and Amdocs.
As part of the new financing, new board members include:
– Stephanie Newby of Golden Seeds,
– Nate Lentz of Osage Venture Partners,
– Al Zollar retired from IBM and
– Paul Musselman.
FinSMEs
04/05/2012