Boston based 3Play Media just submitted their Form D to the Securities and Exchange Commission, reporting having raised $511k in additional funding. The company has built powerful intelligent transcription technology, encouraging you to “get more out of your content.”

We have had a few opportunities to test drive the technology (even once with Mayor “Mumbles” Menino, no less), and have been no short of impressed with how accurately and quickly the company’s tech can turn voice into text. It’s priced cheaply, as well, especially when you consider the $20/hour plus to pay someone to manually transcribe voice and video. And one of the best parts about their solution is that it is actionable: clicking on a word in the transcription will bring you to the exact point in the audio when that word was voiced.

We were in fact so impressed by the potential of 3Play Media that we placed the company on a list of 10 Boston tech companies to watch in 2011, a list we compiled for the Boston Phoenix.

3Play Media was one of just 16 winners in the inaugural year of the $1M MassChallenge competition last year, the world’s largest startup competition. The company took home $50,000 in the competition. More recently, the company helped MIT celebrate it’s 150th anniversary by powering an interactive timeline.

The need for transcription services ranges from use in the court room to businesses looking to transcribe things like webinars. 3Play Media has targeted video producers as its initial target customer segment, and has over 100 customers today. You can read our in depth interview last fall with cofounders Chris Antunes and Jeremy Barron to learn more about their background, story, and vision.

We have reached out to the company to learn more about what they plan to use this latest batch of funding for, and will update you when we learn more. Congrats to the 3Play Media team!