Snipd, a Zurich-based startup building an AI-powered podcast player, has raised $700,000 to add further innovations to the product, grow the team and expand the user base. With Snipd users can receive short personal recommendations and capture noteworthy podcast content.
The podcast industry shows no sign of slowing, with emarketer forecasting ad revenue to more than double and grow to $2.7 billion by 2025. The pandemic has lent a hand in accelerating growth in podcast listening and accounted for the steep number of podcasts launched during this time. There are now almost 60 million podcast episodes available and growing by the day.
Snipd develops an easy-to-use podcast player that enables listeners to capture, discover, and share the best moments in podcast episodes. It distinguishes itself from other podcast players by focusing on the needs of listeners who turn to podcasts for inspiration and to learn something new. With the Pinterest-like discovery features, listeners receive personalized recommendations for other podcasts in the form of short highlights called “snips”, allowing them to quickly navigate through the vast amount of content available and find relevant new information. Snipd users can also create their own “snips” to capture and save noteworthy podcast moments to their collection, together with an AI-generated transcript, summary, and title.
“3 out of 4 podcast listeners say they listen to learn something new,” says Kevin Smith, Co-founder, and CEO of Snipd. “We leverage AI technology to create the best-personalized podcast listening experience allowing listeners to discover relevant content, and save and organize memorable podcast moments.”
The pre-seed funding round is led by Swiss venture capital firm Wingman Ventures, with participation from leading early-stage US venture capital, Acequia Capital, and Contovista co-founder Gian Reto à Porta.
Lukas Weder, Founding Partner of Wingman Ventures states: “The passion of the founders to build a world-class product with a clear unique value proposition for its users and their track record as a team made our decision to partner up Snipd very easy. We are going to support the team building the leading next-generation podcast player and podcast content curation application on the market.”
(Press release / SK)
Photo: Snipd founders from left to right: Mikel Corcuera Lejarreta, Kevin Smith, Ferdinand Langnickel (Photo by: Florian Westermann, Location: Tadah Coworking Space)
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