Maryland/Israel Fund Invests in Speech Recognition Firm

The Maryland/Israel Trendlines Fund L.P. is making its first major investment in NovoSpeech Ltd., an Israeli developer of speech recognition technology.

The $550,000 investment will help NovoSpeech develop a new algorithm that will make speech recognition technology more accurate. The company expects to achieve greater than 95 percent success rate with its speech recognition software.

NovoSpeech is working with a major manufacturer to embed its software in its Bluetooth devices and use the speech recognition technology as firmware. NovoSpeech will be launching its first smart phone application at the Mobile World Congress 2012 in Barcelona, Spain.

The Maryland/Israel Trendlines Fund is operated by the Maryland/Israel Development Center and the Trendlines Group. The Fund is designed to provide capital investment in early stage startups in Israel in the life sciences, information technology, agritech and clean tech industries.

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