Sunday 17 November 2019
Dubai-based AI voice-to-text note-taking start-up Wrappup, acquired by Voicea last year, has now been bought by tech giant Cisco.
Wrappup (Voicea) represented the UAE in 2018 at the annual Global Student Entrepreneur Awards (GSEA), which is hosted by global peer-to-peer network Entrepreneurship Organisation (EO).
Wrappup’s team - Rami Salman, Ayush Chordia and Rishav Jalan - opted for Voicea’s stocks instead of taking cash as a result of the initial acquisition.
Wrappup (Voicea) was incubated at IN5 – a platform that provides entrepreneurs and professionals of all disciplines and career levels access to a comprehensive suite of benefits for promotion, talent development, business support in addition to workspace, facilities and equipment.
Starting from a prototype built in a 24-hour hackathon, Wrappup's acquisition by Cisco will help it to impact millions of users.
Dubai Internet City is home to tech companies of all sizes, including Cisco, and the deal illustrates the power of universally scalable ideas that are supported by strong networks.
The Middle East has experienced a steady growth in the number of start-ups over the past five years. Studies indicate that the deal volume increased by 80 percent from 2015 and 3 percent from 2017 to 366 deals in 2018, according to an annual VC report by Dubai-based Magnitt.