Investor interest in sports betting technology companies continues to be high after the strategic funding round at voice-to-text software developer Voxbet saw prominent names like Tom Waterhouse and Matt Davey participate.
‘Their Credentials Leapt off the Page’
Voxbet’s funding round attracted a group of international investors, including Waterhouse VC investment fund’s chief information officer Tom Waterhouse, and Tekkorp Capital chief executive officer Matt Davey.
“Voxbet’s technology immediately improves and delivers a step change in the US for international customers, so their credentials leapt off the page.”
Tom Waterhouse, CIO, Waterhouse VC
Waterhouse invested via the Waterhouse VC investment fund, while Davey used the NASDAQ-listed special purpose acquisition company (SPAC) Tekkorp Capital to participate in the funding round.
Tekkorp Capital went live in October 2020 in a $250 million initial public offering (IPO) with the purpose to “unlock businesses poised for exceptional growth by coupling transformative expertise with access to the deepest, most liquid, capital markets in the world,” according to the blank-check company’s website.
‘Material Head Start’
The SPAC’s leadership features a plethora of gaming industry names, including former William Hill and TheStarsGroup executive Robin Chhabra as its president, NYX Gaming, Ocean Casino Resort and Resorts International veteran Eric Matejevich as its chief financial officer, Atlantic City entrepreneur Morris Bailey as chairman of the board and former Caesars Entertainment CEO Tony Rodio among its directors. Chhabra, as well as former Fox Bet executive Andy Clerkson also participated in the investment alongside former SG Digital CEO Davey.
“We’ve observed Voxbet’s impressive development but have been particularly impressed with their recent strides in the field of speech recognition and natural-language processing, which afford them a material head start in this rapidly evolving industry.”
Matt Davey, CEO, Tekkorp Capital
Voxbet intends to use the new financing to grow its brand internationally alongside further improvements to its proprietary natural-language technology that will open new opportunities product-wise for the brand in 2022.
‘Instantly Better-Placed’
The developer of software that transcribes voice to text went through shedding last month and changed its name from Onionsack to Voxbet with the purpose to better reflect the company’s philosophy of transforming user experience for sports bettors and assume its place as a natural-language bet-processing provider.
Commenting on the funding round, Voxbet founder Jonathan Power welcomed the new investors on board, recognizing “their collective understanding and expertise” that would make Voxbet “instantly better-placed to strategically identify and execute” on the next important steps along its development path.
Among Voxbet clients are major gaming companies like Flutter Entertainment, which secured an agreement to utilize its voice-to-text translation technology for the Paddy Power betting brand, as well as France’s Paris Mutuel Urbain (PMU).