SwiftKey, a UK based app developer for keyboard replacement in mobile devices has raised $17.5m in series B funding round led by Index Venture – a venture capital firm investing in technology and life science companies.
The company had earlier raised $2.4m Series A round in 2011, and $1.5m of seed round in 2010. As per the company, the recent funding will be used to speed up its product roadmap and fuel global expansion, particularly in the US and Asia.
“We are raising finance to increase the rate of investment into our new products and markets and to invest in our team. Our focus is on building a long-term sustainable business. This latest investment round comes at a pivotal time for us, as we look to expand our global presence and diversify. We have enjoyed rapid, exceptional growth as a company over the last few years and we’re looking forward to accelerating our development to maximise the opportunities ahead as a business.” says Richard Gibson, Chief Financial Officer at SwiftKey.
Those who haven’t heard the name before this might help-
The company is the maker of a popular Android keyboard app of the same name – that works on a swipe enabled technology, i.e dragging of finger from letter to letter in one continuous motion rather than hitting the keys. The app is currently at top rank for best-selling app in 58 Google Play countries.
Few of its interesting features –
On top of a customisable keyboard size, sound settings, long-press duration and themes, the app has an inbuilt dictionary which automatically ‘predicts’, a unique and speedy way to enter punctuations and a number of inbuilt smileys and symbols including arrow keys. One can also check personal stats and evaluate how effectively are he/she is typing.
In the last 12 months, the company had five-times revenue growth. And incredible innovation and technology is the key to success here.
Swiftkey has built the language engine that lies at the heart of the company from scratch. “It’s the result of extensive research and over four years of incredibly hard work.” Every month it organises a “hack day” known as an Innovation Day where the company build things, break things and test new ideas.
Moreover, the company is also building a technology to speed up the text entry in the healthcare sector, which enables clinicians to efficiently complete accurate patient records at the point of care within the limited time available. It works across iPads and tablets and since its launch in June 2012 it has been deployed by 2,000 nurses across 14 healthcare organisations in the US. SwiftKey Healthcare allows for faster, easier and more accurate input into clinical records. It does this by understanding medical terms, drug names and clinical terminology and can reduce errors by offering the correct spelling of complex medical terms. It also speeds up typing by cutting the number of keystrokes required to input long words, enabling clinicians to efficiently document complete and accurate patient records (on iPads) at the point of care. Check out the following video –