Deepgram raises $130M Series C at $1.3B

Existing investors Alkeon, In-Q-Tel, Madrona, Tiger, Wing, Y Combinator and BlackRock-managed funds all joined the round. New backers include Twilio, ServiceNow Ventures, SAP and Citi Ventures, plus the University of Michigan and Columbia University. Deepgram announced the OfOne acquisition alongside the raise and did not disclose its terms. OfOne serves restaurants and quick-service drive-thrus, and its technology will sit inside Deepgram for Restaurants. The API platform supports over 50 languages and is used by more than 1,300 organizations. Proceeds are earmarked for international expansion, new models and further acquisitions. AVP was chosen partly for its ability to support expansion in Europe and other key markets. Demand comes from enterprises deploying AI voice agents across call centers, customer support and sales teams. For founders building voice products, the cap table is the signal. Investors from telephony (Twilio), enterprise software (SAP, ServiceNow) and banking (Citi) suggest the speech layer is being tied to distribution channels. The OfOne deal shows an infrastructure vendor moving into a vertical application, which can put it in competition with its own customers. Teams that depend on a single speech API should check pricing, roadmap overlap and exit options.