Indian language speech-based software solution provider Uniphore Software has raised undisclosed amount of investment from Indian Angel network led by members Nagaraja Prakasam & M.V.Subramanian with particiaption from YourNest Angel Fund and Analog Devices co-founder Ray Stata. Following this investment, Prakasam will be joining the company board.
Prior to this, the company had received $100,000 seed investment from IIT Madras’ Rural Technology and Business Incubator (RTBI), Villgro Innovations Foundation, and the National Research Development Corporation.
Uniphore plans to use the investment raised to strengthen its global presence by expanding into other non-English speaking regions like South East Asia and the Middle East. It expects 20% of its revenues for the current fiscal to come from its International operations.
This investment will also be used to build new context-aware personalized apps and strengthen its existing speech-based products, although the focus would be on enterprise products.
Founded in 2008, Chennai-based Uniphore Software offers speech-based solutions for various industries like banking, agriculture, healthcare, education, retail, government, insurance and others. It also offers mobile commerce solutions like voice banking & voice wallet and enterprise automation solutions like fieldforce automation (mForce), HR management and contact center automation along with mobile marketing solutions.
In June 2012, Uniphore had partnered with the speech recognition company Nuance Communications to offer Speech Recognition and Voice Biometric Solutions to banking institutions across India. As part of the deal, it has used Nuance’s VocalPassword solution and Nuance Recognizer engine to develop a mobile voice banking app which allows banks to authenticate their customers by using their voice as passwords and enable them to make banking and commercial transactions through a speech-based navigation system.
The company had then said the service would be available in 14 Indian languages including Indian English, Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Tamil, Telugu, Assamese and Bhojpuri, and Urdu and one can use any mobile phone including low-cost feature phones to make these transactions.
Earlier this month, Indian Angel Network had opened its UK chapter and had agreed to invest in the UK-based workforce management startup SwiftShift. Other recent investments by Indian Angel Network include GoCoop Solutions and services, FabAlley and IndiaCollegeSearch.