Cisco, an American multinational technology company based in Silicon Valley, has announced that it has bought Voicea, which had acquired Dubai-based AI startup ‘Wrappup’ in 2018.
Wrappup offers a voice recorder that essentially helps users record their meetings, and summarize them in a text format for later use. It is based on an Artificial Intelligence (AI) backed platform that uses a speech recognition algorithm. The startup received massive praise in the region especially from the business sector, which has greatly benefitted from this application.
Wrappup (Voicea) was incubated at IN5, which focuses on providing early stage startups a level ground for developing their business idea by focusing on the promotion, talent development and marketing strategies. Entrepreneurs are given workspaces to develop their ideas, and afterwards they are mentored by some of the most accomplished figures of the tech world within a few months.
Wrappup was a successful graduate of this incubation program and was immediately appreciated by the response of the business community and above all, it got to represent the UAE last year at the annual Global Student Entrepreneur Awards (GSEA), hosted by the Entrepreneurship Organization (EO).
Recently, Voicea, a leader in the A.I. space for conference calls and meetings, had acquired Wrappup. Wrappup’s CEO Rami Salman, hailed the acquisition as a great opportunity that benefits both companies by accelerating the journey toward delivering modern AI-powered productive meetings experiences for the user.
However, in an interesting turn of events, U.S. tech giant Cisco with a market capitalisation of $220 billion, has announced its acquisition of Voicea and consequently Wrappup. Cisco had over the last few months expressed great interest in AI related startups and Wrappup was constantly under their gaze.
Wrappup co-founders, who had decided to keep Voicea’s stocks, said that they welcomed Cisco’s decision to acquire the company. Rishav Jalan, one of the co-founders of the company, said that last year’s GSEA was a great experience that allowed the company to engage with local and international entrepreneurs and had additionally internalised the fame of Wrappup that lead to the subsequent purchase of the company by Cisco.
He also said, “'It's been a great journey for us, starting from a prototype built in a 24-hour Hackathon to now with Cisco getting the opportunity to impact millions of users with the product we built”.