Company Elredo secures over one million euros to expand automated audiobook production into the US
The company Elredo has secured an investment of over one million euros in a round led by the fund JIC Ventures. It will use the funds to enter the US with automated AI-based audiobook production. It is relocating part of its business, production, and support team to New Jersey.
The Czech company Elredo has secured an investment exceeding one million euros, approximately 25 million Czech crowns, for expansion into the US. The investment round was led by the fund JIC Ventures. Also participating were Jiří Hlavenka, the Středočeské inovační centrum, the fund Bond Ventures, and existing investors. In addition to the investment, the company received a grant of 200 thousand euros from the Technologická inkubace program.
The company Elredo is relocating part of its business, production, and support team to New Jersey. It wants to get closer to major publishing houses and the people who decide on converting book catalogs into audio form. Its solution is already used by, for example, the Albatros Media and Euromedia Group groups, as well as the publishers Wiley and HarperCollins.
The company Elredo offers automated narration using AI as well as infrastructure for distributing audiobooks. According to the company, the technology can speed up and reduce the cost of production, thereby enabling the processing of older books or titles for which traditional production would not pay off. The company states that it distributes audiobooks to more than 160 sales channels and is building capacity to produce hundreds of titles per month.
Why it matters
The investment funds Elredo's entry into the US market and the relocation of part of its team closer to major publishing houses. For publishers, the economics of converting book catalogs into audiobooks may have practical significance: according to the company, lower production costs can enable the processing of titles that would not be profitable under traditional production.
Relevant practical impact
What this means
For a business
When planning audiobook production, publishers can consider automated processing of older or less profitable titles. According to the company Elredo, its technology can reduce costs and shorten production time; the investment is meant to support its offering in the US market.
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Event sources
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