Greek voice recognition tech firm Innoetics acquired by Samsung

Greek text-to-speech company Innoetics has been acquired by Samsung. No terms for the deal were disclosed.

Founded in 2006, Innoetics builds text-to-speech and voice recognition technologies and is a spin out from the Athena Research & Innovation Center in Athens. While no figures were released, the company claims the deal is the highest exit for a startup from a Greek academic and research centre.

The company will continue to operate as an independent subsidiary of the Korean electronics giant. It will remain based in Athens.

“We are very proud and excited for this unique success of Innoetics,” said Yannis Ioannidis, president and general director of the Athena Research & Innovation Center, which he said will continue to foster further research that leads to successful companies.

“Athena will build on this experience to promote and support new high-risk out-of-the-box efforts of its researchers, and to augment its capacity to turn research results into efficient technological solutions and new business initiatives.”