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The Greek Spin-off that will be Known World-wide

The Greek Spin-off that will be Known World-wide
Monday, 31 July 2017

The company Innoetics [1], a Greek company that uses the Athena Centre of Research [2], has been sold to Samsung and will be in charge of the text-to-speech technology that will be produced by the electronic giants. That means that over the next years any voice that comes out of a Samsung device will be the product of Greek technology [2].

The role of the research centre has been crucial for the success of this company, supporting the business prospects from the beginning.  The centre is also working as a base for other emerging business opportunities [3].

However, this deal is the biggest that has come from a research centre spin-off, selling the company for almost fifty million euros [2]. This technology can perform tasks such as listening to someone speaking or reading and then ‘read’ a different piece of text in the same voice. Voice-powered technology has boomed in recent years, so it is not a surprise that Samsung is trying to get on board in different ways, including the technology offered by Innoetics [3].

Samsung will keep the company and its current employees based in Athens [3]. The company will remain in Greece, part of the deal negotiated by Innoetics. It is possible that the current company will be expanded to satisfy the growing needs of Samsung and the market for this technology [2]. 

[1] https://www.innoetics.com
[2] https://www.athena-innovation.gr
[3] http://www.ekathimerini.com/220283/article/ekathimerini/business/the-greek-spin-off-that-will-become-the-voice-of-samsung
[4] https://techcrunch.com/2017/07/11/samsung-acquires-greek-text-to-speech-startup-innoetics-for-under-50m