Square 1 Bank Announces Credit Facility to Voci Technologies
WASHINGTON, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $5 million credit facility to new client Voci Technologies, a leading provider of speech analytics platform technology for enterprises. Proceeds from the facility will support continued long-term growth initiatives.
Pittsburgh-based Voci Technologies combines artificial intelligence (AI) and deep learning algorithms to convert audio and video recordings into highly accurate transcriptions and actionable insights. Since 2012, Voci’s innovative technology has enabled contact centers to extract intelligence from voice data to improve customer experience, operational efficiency, and compliance requirements. Voci is committed to empowering its customers and strategic partners with the flexibility to choose the deployment methods and analytic solutions that best meet their business needs. The company is backed by leading investors including Grotech Ventures and Harbert Venture Partners.
Anthony Gadient, co-founder and CEO of Voci Technologies, said, “This financing reflects Square 1’s confidence in our growth potential. We look forward to leveraging this support to expand the development and delivery of our world-leading platform for speech analytics, which gives companies the freedom to choose their own deployment and analytic solutions.”
“Voci Technologies has rapidly grown to become a leader in speech recognition technology,” added Mac Wheatley, vice president in Square 1’s technology banking practice. “After raising $8 million in its Series B financing, the company aims to accelerate its sales and marketing and further develop its innovative speech analytics platform technology. We are thrilled to add Voci to the Square 1 portfolio and look forward to growing the relationship as the company’s success continues.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.