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DiscoveryWaymoWeWorkYouTube NewslettersWeekendOpinionThe Electric Events Upcoming EventsVideo Library PartnersCorporate Directory Forum (2) Sign In Subscribe AboutCorporate Subscription Exclusive startups ai AI STARTUP LAYS OFF WORKERS AGAIN IN FRESH SIGN OF SECTOR BELT-TIGHTENING By Natasha Mascarenhas * natasha@theinformation.com * Profile and archive → * Follow Natasha on Twitter | Oct. 11, 2023 7:17 PM PDT Photo: Deepgram CEO Scott Stephenson. Photo courtesy of Deepgram. Deepgram, an artificial intelligence startup selling speech recognition software that generates transcripts, has cut around 20% of staff, or around 20 people, CEO Scott Stephenson said. It was at least the second time this year the San Francisco startup has laid off workers, according to two people familiar with the cuts. Stephenson blamed higher interest rates, which have reduced startup funding. The job cuts, which haven’t previously been reported, are a sign of the pressures facing AI startups in a field that’s changing quickly. Deepgram, founded in 2015 and backed by investors including Madrona Venture Group, Tiger Global Management and Y Combinator, is competing with newer rivals including OpenAI’s open-source Whisper speech recognition software, which launched September 2022, as well as larger incumbents such as Microsoft and Amazon. JOIN NOW TO READ THE FULL STORY Get Breaking News, Relevant Stories, and Special Event & Editorial Invites Get Started Get access to exclusive coverage Read deeply reported stories from the largest newsroom in tech. Latest Articles Exclusive startups ai AI Startup Lays Off Workers Again in Fresh Sign of Sector Belt-Tightening By Natasha Mascarenhas · Oct. 11, 2023 7:17 PM PDT Deepgram, an artificial intelligence startup selling speech recognition software that generates transcripts, has cut around 20% of staff, or around 20 people, CEO Scott Stephenson said. It was at least the second time this year the San Francisco startup has laid off workers, according to two people familiar with the cuts. Stephenson blamed higher interest rates, which have reduced startup... Latest Briefs Ellison Created Seven Different Alameda Balance Sheets at SBF’s Direction By Aidan Ryan · Oct. 11, 2023 DeepMind Cut 20% of Its Expenses Before Merging with Google By Amir Efrati · Oct. 11, 2023 Microsoft Contests IRS’ Claim It Owes $29 Billion in Unpaid Taxes By Aaron Holmes · Oct. 11, 2023 Stay in the know Receive a summary of the day's top tech news—distilled into one email. 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