VIQ Solutions Unveils AI-Powered FirstDraft, Increasing the Documentation of Audio Recordings and to Improve Content Accessibility for Clients Worldwide

Accurately converts audio to text enabling an efficient, cost-effective digitization for the billions of recordings captured each year thus expanding the total addressable market.

PHOENIX, Ariz.--()--VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX: VQS and OTC Markets: VQSLF), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced the launch of FirstDraft, powered by aiAssist™, to quickly convert audio files to text providing near real-time access to interviews, testimony, recorded calls, and dictations in a cost-effective manner.

FirstDraft is the next step in delivering the most comprehensive end-to-end workflow for highly complex multi-speaker environments when time and accuracy count. VIQ uses aiAssist to assess the characteristics of an audio file and align it with the most efficient speech recognition engine. This specialized cyber-secure workflow ensures a highly accurate and diarized draft for self-editing or modification by professional editors to be “evidence” ready.

“We estimate only 15 percent of the audio and video content that is captured globally is actually digitized. The ability to provide a fast and affordable solution for recordings that do not require an edited or certified transcript will enable our clients uncover the value inherent within their documentation,” said Susan Sumner, President and Chief Operating Officer, VIQ Solutions. “We know that the requirement for fully edited documentation remains high and now we can offer a complementary service to automate access to all recorded content.”

FirstDraft enables clients to digitize content historically retained as an audio file in many media, law enforcement, insurance, legal, and court workflows. FirstDraft addresses journalists' need for interview text and pre-production coverage for final edit to broadcast. Law enforcement officers using VIQ’s MobileMic Pro app can record notes and interviews in the field and have a transcript waiting for them at the station. Attorneys can review depositions and testimony quickly to pursue additional lines of questioning. Insurance companies can now cost-effectively digitize more of their extensive audio content to improve accessibility.

A vast amount of actionable information is locked in recorded audio files; FirstDraft unlocks insight that was previously inaccessible. Text based transcripts are more effective than audio file to enable analysis to find patterns and prove hypotheses, simplify search and retrieval of specific content and to increase content accessibility for those authorized to view the information. The successful implementation of AI-driven workflows provides access to critical information, further transforming the transcription industry.

“Developed with the cooperation of experienced transcription professionals from media, law enforcement, legal and insurance organizations, FirstDraft provides the option of AI to quickly deliver highly accurate text in draft form,” said Elizabeth Vanneste, EVP of Product and Strategy. “Clients can then choose to search, analyze and share the content, self-edit or they may submit files for editing by VIQ’s professional staff.”

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, media, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this news release may constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include but are not limited to accelerating product innovation for further global expansion, rapid acceleration of future acquisitions, and technology enhancements to continue growth trajectory. Forward-looking statements or information is based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company's recent initiatives, and that sales and prospects may provide incremental value for shareholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.

Forward-looking statements or information is based on current expectations, estimates and projections that involve several risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ including risks related to the COVID-19 pandemic and other risks discussed or referred to under the heading "Risk Factors" in the Company’s Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.

Contacts

Media Contact:
Laura Haggard
Chief Marketing Officer
VIQ Solutions
Phone: (800) 263-9947
Email: marketing@viqsolutions.com

Investor Relations Contact:
Laura Kiernan
High Touch Investor Relations
Phone: 1-914-598-7733
Email: viq@htir.net

Contacts

Media Contact:
Laura Haggard
Chief Marketing Officer
VIQ Solutions
Phone: (800) 263-9947
Email: marketing@viqsolutions.com

Investor Relations Contact:
Laura Kiernan
High Touch Investor Relations
Phone: 1-914-598-7733
Email: viq@htir.net