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Voicemod

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uuid0000j8t

Namestring
Voicemod
Legal namestring
Voicemod Inc., Sucursal en España
Websiteurl
voicemod.net
Company typeenum
Private
Founded yearint
2014
Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersValencia, Spain
HQ citystring
Valencia
HQ countrystring
Spain
HQ regionstring
Europe
Markets served

Serves global market

Offices3 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
real-time voice changer, AI voice modification, soundboard software, voice effects platform, gaming audio tools
Industry4 codes
1Voice Cloning, Dubbing & Audio Generative Media
CodeHDAAAFAKPrimaryYes
2Text-to-Speech (TTS) & Voice Synthesis
CodeHDAAAFABPrimaryNo
3On-Device Speech & Audio AI (wake word, ASR, enhancement)
CodeHDAAAJAFPrimaryNo
4Gaming Voice Chat & Party Voice Platforms
CodeMPACAEAFPrimaryNo
NAICS code1 code
  • Audio and Video Equipment Manufacturing33431
SIC code1 code
  • Services-Prepackaged Software7372
Product category
Real-Time Voice Modification Software
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model5 records
1PRO Subscriptions
TypeSubscription Recurring
Description

Periodic subscription licenses for Voicemod PRO with access to premium voices, advanced Voicelab features, and exclusive content. Renewable subscriptions with 30-day refund period.

voicemod.net
2Lifetime Licenses (OTL)
TypeOne Time License
Description

One-time payment lifetime licenses that remain active until account closure. Single device at a time limitation.

voicemod.net
3Free Tier
TypeFreemium
Description

Free access to core voice changer and basic soundboard features, driving user acquisition and conversion to paid tiers.

voicemod.net
4Voicemod Key Hardware
TypeHardware Sales
Description

Physical hardware dongle for console gaming (Xbox, PlayStation, Nintendo Switch) enabling real-time voice changing on gaming consoles. Reservation price $50 USD, retail price $99 USD.

voicemod.net
5Store Content
TypeOne Time License
Description

Paid content available through store.voicemod.net including licensed content from third-party brands and partners.

voicemod.net
Marketing channels6 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels5 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Technology or R&D, Personnel, Marketing or Sales, Operations
Pricing details4 tiers
1Voicemod Key Pocket - Full Reservation
ModelOne time/ perpetual licenseBilling cadenceMulti-year contract
Notes

Full reservation at $50.00 USD representing full payment in advance with priority access. Full retail price $99.00 USD.

voicemod.net
2Voicemod PRO - Periodic Subscription
ModelSubscriptionBilling cadenceAnnual
Notes

Periodic subscription license with access to premium voices, advanced Voicelab features, and exclusive content. 30-day refund period.

voicemod.net
3Voicemod PRO - Lifetime License (OTL)
ModelOne time/ perpetual licenseBilling cadenceMulti-year contract
Notes

One-time payment lifetime subscription. Remains active until account closure request. Non-refundable once unsubscribed.

voicemod.net
4Free Tier
ModelFreemiumBilling cadencePay-as-you-go
Notes

Free access to core voice changer with basic soundboard features and 200+ voice effects.

voicemod.net
GTM typeB2C
B2C
Offering typeSoftware
Software
Brand1 of 7 records shown
1Voicelab
Description

AI voice creation and customization tool allowing users to create and tweak voices with various effects.

voicemod.net
+6 more records
Core offering1 text field

Voicemod builds real-time AI voice changer and soundboard software for PC, Mac, and mobile that transforms a user's microphone input with 200+ voice effects for use across games, voice chats, and live streams. Its product line extends to Voicelab for self-service custom voice creation, Voicemod Bot for Discord, mobile companion apps, and the Voicemod Key hardware dongle that brings voice changing to gaming consoles (Xbox, PlayStation, Nintendo Switch).

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 3 values shown
  • Up to 50% FPS improvement when using OMEN AI features
+2 more records
Product overview1 text field

Voicemod is a real-time AI voice modification platform offering both software and hardware products. The core offering consists of the Voicemod Voice Changer software (PC/Mac) and Voicemod Soundboard, which work together to provide voice transformation and sound effect playback for gamers and content creators. Voicelab serves as the customization engine, enabling users to create custom voices using AI. The product line extends to Voicemod Key hardware dongle for console gaming, mobile apps for on-the-go voice changing, and the Community Content Hub (Tuna) for user-generated content. Additional offerings include Voicemod Bot for Discord, VMGram messaging app, and Voicemod Recorder for capturing audio. The platform acquired Voctro Labs in 2022 to enhance its AI singing technology. Voicemod PRO subscription provides access to premium features and content.

Product and service2 records
1Voicemod Voice Changer
CategoryVoice Changer Software
Description

Real-time AI voice changer application for PC and Mac that installs a virtual microphone and applies 200+ voice effects (AI voices, robot, anime waifus, character voices) to user audio with ultra-low latency for gaming, streaming, and voice chats.

2Voicemod Soundboard
CategorySoundboard Software
Description

Soundboard software that plays meme sounds and audio clips during voice chats and live streams, with keybind support for instant triggering, custom WAV/MP3 uploads, and access to a community sound library.

Scale indicator5 records

Each record includes

Type, Value, Description, Source

Partnership3 partners
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-03-24
Description

HP announced partnership integrating Voicemod's real-time voice transformation capabilities into the OMEN Gaming Hub platform as part of new AI-powered creative tools. Voicemod joins HeyGen as an AI creative tool partner, enabling gamers to access voice effects within the OMEN ecosystem.

Strategic tierCoreTypeTechnology or IntegrationAnnounced on2026-03-12
Description

Elgato integrated Voicemod's voice-changing technology directly into Wave Link and Stream Deck as native VST effects. The integration eliminates the need for a separate Voicemod application and reduces system latency by removing intermediate virtual devices. Wave Link made free for all users.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2022-12-08
Description

Voicemod acquired Barcelona-based Voctro Labs to enhance its AI singing technology and vocal identity products using Voctro Labs' expertise, including technology behind AI voice songs on Spotify.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight6 records

Each record includes

Type, Description

Peers10 records
TypeEmerging player
Description

Voice cloning platform with real-time TTS and custom voice creation tools that overlap with Voicemod's Voicelab Voice AI Creator functionality.

TypeEmerging player
Description

Leading AI voice synthesis and cloning platform with Text-to-Speech and Voice Lab capabilities that intersect with Voicelab's Voice AI Creator and TTS tools.

TypeBroad incumbent
Description

AI noise removal tool integrated into NVIDIA Broadcast that competes for the audio-quality layer of gamers' setups and demonstrates incumbent capability from a major hardware partner.

TypeBroad incumbent
Description

Adobe's AI speech enhancement product that addresses podcast and content creator audio quality, adjacent to Voicemod's content creator value proposition and backed by an established creative software incumbent.

5Clownfish Voice Changer
TypeDirect peer
Description

Free, open-source system-level voice changer that sits as a competitor in the low-end of the market, applying to all voice applications including games and chat.

TypeDirect peer
Description

AI voice changer and soundboard for real-time voice modification across Discord, Zoom, games, and streaming, with similar freemium and subscription tiers.

7iMyFone MagicMic
TypeDirect peer
Description

Closest direct competitor offering a real-time AI voice changer with hundreds of voice effects and soundboard for gamers and streamers across the same platforms (Discord, Twitch, Fortnite, etc.).

TypeEmerging player
Description

AI-powered voice enhancement and noise cancellation for calls and conferencing, overlapping with Voicemod's audio AI capabilities but focused on productivity/enterprise rather than gaming.

9Voxal Voice Changer (NCH Software)
TypeDirect peer
Description

Real-time voice changer for games and chat with effect library and compatibility with leading voice apps, directly overlapping Voicemod's core use case.

10MorphVOX (by Screaming Bee)
TypeDirect peer
Description

Long-established voice changer software (MorphVOX Pro/Junior) targeting gamers and online chat users with real-time voice effects and integration with VoIP and games.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat5 records

Each record includes

Type, Details

Key risks7 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment3 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

Integration34 records

Each record includes

Title, Type, Description, Source

AI capability7 records

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Feature7 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles8 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries1 record

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

Compliance2 records

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds9 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors10 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Voicemod

Real-Time Voice Modification Softwarevoicemod.net

Voicemod firmographics

Firmographics
Name
Voicemod
Legal name
Voicemod Inc., Sucursal en España
Website
https://voicemod.net
Company type
Private
Founded year
2014
Operating status
Operating
Headcount range
101–250 employees
Ownership category
akta.pro rank

Voicemod industry classification

Industry
Product category
Real-Time Voice Modification Software
NAICS
Audio and Video Equipment Manufacturing (33431)
SIC
Services-Prepackaged Software (7372)
akta.pro primary industry
Voice Cloning, Dubbing & Audio Generative Media (HDAAAFAK)
akta.pro secondary industries
Text-to-Speech (TTS) & Voice Synthesis (HDAAAFAB), On-Device Speech & Audio AI (wake word, ASR, enhancement) (HDAAAJAF), Gaming Voice Chat & Party Voice Platforms (MPACAEAF)

Keywords

  • Real-time voice changer
  • AI voice modification
  • Soundboard software
  • Voice effects platform
  • Gaming audio tools

Where Voicemod is headquartered

Location

Headquarters

HQ city
Valencia
HQ country
Spain
HQ region
Europe

Offices3 records

Markets served

Voicemod business model

Business model
GTM type
B2C
Offering type
Software
Cost components
Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

  1. PRO Subscriptions: Periodic subscription licenses for Voicemod PRO with access to premium voices, advanced Voicelab features, and exclusive content. Renewable subscriptions with 30-day refund period.
  2. Lifetime Licenses (OTL): One-time payment lifetime licenses that remain active until account closure. Single device at a time limitation.
  3. Free Tier: Free access to core voice changer and basic soundboard features, driving user acquisition and conversion to paid tiers.
  4. Voicemod Key Hardware: Physical hardware dongle for console gaming (Xbox, PlayStation, Nintendo Switch) enabling real-time voice changing on gaming consoles. Reservation price $50 USD, retail price $99 USD.
  5. Store Content: Paid content available through store.voicemod.net including licensed content from third-party brands and partners.

Pricing tiers

ModelBillingPrice
One time/ perpetual licenseMulti-year contractVoicemod Key Pocket - Full Reservation
SubscriptionAnnualVoicemod PRO - Periodic Subscription
One time/ perpetual licenseMulti-year contractVoicemod PRO - Lifetime License (OTL)
FreemiumPay-as-you-goFree Tier

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Voicemod product offering

Product offering

Core offering

Voicemod builds real-time AI voice changer and soundboard software for PC, Mac, and mobile that transforms a user's microphone input with 200+ voice effects for use across games, voice chats, and live streams. Its product line extends to Voicelab for self-service custom voice creation, Voicemod Bot for Discord, mobile companion apps, and the Voicemod Key hardware dongle that brings voice changing to gaming consoles (Xbox, PlayStation, Nintendo Switch).

Product overview

Voicemod is a real-time AI voice modification platform offering both software and hardware products. The core offering consists of the Voicemod Voice Changer software (PC/Mac) and Voicemod Soundboard, which work together to provide voice transformation and sound effect playback for gamers and content creators. Voicelab serves as the customization engine, enabling users to create custom voices using AI. The product line extends to Voicemod Key hardware dongle for console gaming, mobile apps for on-the-go voice changing, and the Community Content Hub (Tuna) for user-generated content. Additional offerings include Voicemod Bot for Discord, VMGram messaging app, and Voicemod Recorder for capturing audio. The platform acquired Voctro Labs in 2022 to enhance its AI singing technology. Voicemod PRO subscription provides access to premium features and content.

Differentiator

Problem solved

Functional benefit

Brands

  • Voicelab: AI voice creation and customization tool allowing users to create and tweak voices with various effects.
  • Voicemod Key
  • Voicemod Soundboard
  • Voicemod Go
  • Voicemod Bot
  • Tuna (Community Content Hub)
  • VMGram

Products and services

  • Voicemod Voice Changer Real-time AI voice changer application for PC and Mac that installs a virtual microphone and applies 200+ voice effects (AI voices, robot, anime waifus, character voices) to user audio with ultra-low latency for gaming, streaming, and voice chats.
  • Voicemod Soundboard Soundboard software that plays meme sounds and audio clips during voice chats and live streams, with keybind support for instant triggering, custom WAV/MP3 uploads, and access to a community sound library.

Quantifiable outcome

  • Up to 50% FPS improvement when using OMEN AI features
  • +2 more outcomes

Companies that use Voicemod

Customer profile

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Voicemod technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Integration34 records

AI capability7 records

Feature7 records

Voicemod partnerships and signals

Strategic signal

Partnerships

Three partnerships are on record, tiered core.

  • HP OMEN Gaming HubcoreStrategic or Co-development Partner · 24 March 2026HP announced partnership integrating Voicemod's real-time voice transformation capabilities into the OMEN Gaming Hub platform as part of new AI-powered creative tools. Voicemod joins HeyGen as an AI creative tool partner, enabling gamers to access voice effects within the OMEN ecosystem.
  • ElgatocoreTechnology or Integration · 12 March 2026Elgato integrated Voicemod's voice-changing technology directly into Wave Link and Stream Deck as native VST effects. The integration eliminates the need for a separate Voicemod application and reduces system latency by removing intermediate virtual devices. Wave Link made free for all users.
  • Voctro LabscoreStrategic or Co-development Partner · 8 December 2022Voicemod acquired Barcelona-based Voctro Labs to enhance its AI singing technology and vocal identity products using Voctro Labs' expertise, including technology behind AI voice songs on Spotify.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Voicemod competitors and assessment

Company assessment

Emerging players

  • Resemble AI: Voice cloning platform with real-time TTS and custom voice creation tools that overlap with Voicemod's Voicelab Voice AI Creator functionality.
  • ElevenLabs: Leading AI voice synthesis and cloning platform with Text-to-Speech and Voice Lab capabilities that intersect with Voicelab's Voice AI Creator and TTS tools.
  • Krisp: AI-powered voice enhancement and noise cancellation for calls and conferencing, overlapping with Voicemod's audio AI capabilities but focused on productivity/enterprise rather than gaming.

Broad incumbents

  • NVIDIA RTX Voice: AI noise removal tool integrated into NVIDIA Broadcast that competes for the audio-quality layer of gamers' setups and demonstrates incumbent capability from a major hardware partner.
  • Adobe Podcast (Enhance Speech): Adobe's AI speech enhancement product that addresses podcast and content creator audio quality, adjacent to Voicemod's content creator value proposition and backed by an established creative software incumbent.

Direct peers

  • Clownfish Voice Changer: Free, open-source system-level voice changer that sits as a competitor in the low-end of the market, applying to all voice applications including games and chat.
  • FineShare FineVoice: AI voice changer and soundboard for real-time voice modification across Discord, Zoom, games, and streaming, with similar freemium and subscription tiers.
  • iMyFone MagicMic: Closest direct competitor offering a real-time AI voice changer with hundreds of voice effects and soundboard for gamers and streamers across the same platforms (Discord, Twitch, Fortnite, etc.).
  • Voxal Voice Changer (NCH Software): Real-time voice changer for games and chat with effect library and compatibility with leading voice apps, directly overlapping Voicemod's core use case.
  • MorphVOX (by Screaming Bee): Long-established voice changer software (MorphVOX Pro/Junior) targeting gamers and online chat users with real-time voice effects and integration with VoIP and games.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Voicemod social profiles

Digital presence

Voicemod compliance and trust

Trust signal

Compliance2 records

Voicemod financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Voicemod leadership team

Management profile

Number of profiles

Profiles8 records

Voicemod subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Voicemod funding detail

Funding detail

Funding overview

Funding rounds9 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Voicemod M&A and investment

M&A and investment

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Voicemod

What does Voicemod do?

Voicemod builds real-time AI voice changer and soundboard software for PC, Mac, and mobile that transforms a user's microphone input with 200+ voice effects for use across games, voice chats, and live streams. Its product line extends to Voicelab for self-service custom voice creation, Voicemod Bot for Discord, mobile companion apps, and the Voicemod Key hardware dongle that brings voice changing to gaming consoles (Xbox, PlayStation, Nintendo Switch).

Is Voicemod a public or private company?

Voicemod is a private company. It is classified as venture growth investor backed and is currently operating.

When was Voicemod founded?

Voicemod was founded in 2014. It employs 101 to 250 people.

Where is Voicemod based?

Voicemod is headquartered in Valencia, Spain, in the Europe region.

How does Voicemod make money?

Five revenue lines are on record. PRO Subscriptions are the primary driver. The others are lifetime Licenses (OTL), free Tier, voicemod Key Hardware and store Content.

Who are Voicemod's main competitors?

Emerging players on record are Resemble AI, ElevenLabs and Krisp. Broad incumbents are NVIDIA RTX Voice and Adobe Podcast (Enhance Speech). Direct peers are Clownfish Voice Changer, FineShare FineVoice, iMyFone MagicMic, Voxal Voice Changer (NCH Software) and MorphVOX (by Screaming Bee).

Does Voicemod have an API?

No public API is recorded for Voicemod.

What industry is Voicemod in?

Voicemod's product category is Real-Time Voice Modification Software. Its primary akta.pro industry code is HDAAAFAK, Voice Cloning, Dubbing & Audio Generative Media, with a secondary code of HDAAAFAB, Text-to-Speech (TTS) & Voice Synthesis. Its NAICS code is 33431 and its SIC code is 7372.

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Live signals
Digital TrendsVoicemod is breaking free from the PC with this tiny gadgetVoicemod launched the Key Pocket, a hardware device that brings real-time voice changing and soundboards to smartphones, tablets, consoles, and social apps without a PC. It supports over 200 original voices and 76,000 community-made voices, and works with PlayStation, Xbox, Nintendo Switch, and Meta Quest. The device is available in the US now, with Europe and other markets expected to follow.The VergeVoicemod’s new pocket-friendly device brings real-time voice changing to your phoneVoicemod announced the Key Pocket, a pocket-sized device that brings real-time voice changing to phones and tablets. It costs $99.90 or $129.90 with a Pro license, offering over 200 voices and six programmable buttons. The device works as an external audio bridge for apps like Discord and Fortnite.B2B SaaS BlogVoicemod Revenue 2025: $12.1M Est. ARR, $22M RaisedVoicemod is a real-time AI voice transformation platform with over 72 million users and 200+ voice effects. The company was founded in 2014 and emphasizes ethical AI practices. No revenue or funding figures are disclosed.GlobeNewswireHP Imagine 2026: HyperX Expands Player Potential for Competitive PlayHP Inc. announced at HP Imagine 2026 the launch of new HyperX OMEN gaming desktops, including the HyperX OMEN MAX 45L (claimed as HP's most powerful Intel-powered gaming desktop to date) and the HyperX OMEN 35L, both featuring advanced thermal cooling and upgradability. The company also expanded OMEN AI support to additional PC titles including Minecraft, Roblox, and Marvel Rivals, and introduced new AI-powered creative tools in OMEN Gaming Hub through partnerships with HeyGen and Voicemod for avatar-based video creation and real-time voice transformation. The products are expected to be available on HP.com in May 2026.KitGuruElgato integrates Voicemod with new pluginsElgato announced an expanded collaboration with Voicemod, integrating the voice-changing technology and soundboards directly into Wave Link and Stream Deck as native VST effects. The integration eliminates the need for a separate standalone Voicemod application and reduces system latency by removing intermediate virtual devices. Additionally, Elgato made Wave Link free to use with any microphone or interface, expanding compatibility beyond Elgato-branded hardware.ForbesElgato Brings Native Voicemod Effects To Wave Link And Stream DeckElgato has integrated Voicemod's voice changers and soundboards directly into its Wave Link and Stream Deck platforms, allowing gamers to apply professional voice effects as VST effects without running the Voicemod app separately. The partnership streamlines audio routing by eliminating the need to pass microphone audio through multiple applications, making the process faster and more reliable. Wave Link is now free to use with any microphone or audio interface, and both voice changers and soundboards are available for Windows and macOS.TracxnTop startups in Voice AI in Europe (Oct, 2025)The article presents a ranking of top Voice AI startups in Europe, highlighting key financial and operational metrics for four leading companies: ElevenLabs, Voicemod, Speechmatics, and Trint. It details their specific technologies, funding stages, total capital raised, and geographic locations across the United Kingdom and Spain. The list serves as an industry overview rather than reporting on a specific corporate event or transaction.openPR.comVoice Changer Software Market to Reach USD 300 million by 2033, Growing at 8.5% CAGR: By Key Players-Voicemod, MorphVOX, AV Voice ChangerThe global voice changer software market is projected to reach USD 300 million by 2031, growing at an 8.5% CAGR from 2025 to 2031. The market is estimated to hit USD 150 million in 2024, driven by rising industrial adoption and innovation in IT and telecom applications.CanvasbusinessmodelWhat is Customer Demographics and Target Market of Voice AI Company?The article analyzes the Voice AI market, projecting global growth to $47.5 billion by 2034 and identifying key customer segments including B2C creators and B2B enterprises. It highlights that North America held over 40% of the market share in 2024, while the Asia-Pacific region is expected to see the fastest growth driven by technological adoption in countries like China, Japan, and India. Specific companies Voicemod, WellSaid Labs, and ElevenLabs are cited as examples of firms targeting these markets.BloomberglineaRounds of the Week: Startups Voicemod, Amora, Webee and Mattilda Raise FundsLatin American startups Voicemod, Amora, Webee, and Mattilda secured funding this week to expand their operations in AI, real estate, IoT, and fintech sectors. These investments come despite a double-digit contraction in regional venture capital in 2022, with Argentina, Brazil, and Mexico seeing significant declines in investment flows.