Chennai-based speech recognition solutions company Uniphore Software Systems raised an undisclosed amount of funding from IDG Ventures, with participation from existing investor YourNest Angel Fund. Uniphore will use the funds to scale its core technology development efforts and expand to more markets outside India. Barely a month back, Uniphore had raised an undisclosed amount of funding from Infosys co-founder Kris Gopalakrishnan and other existing investors.
Previously, the company had raised an undisclosed amount of investment from Indian Angel Network led by members Nagaraja Prakasam & M.V.Subramanian, with participation from YourNest Angel Fund and Analog Devices co-founder Ray Stata, in March last year. Following this investment, Prakasam had joined 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.
Founded in 2008, Uniphore offers speech-based solutions for various industries like banking, agriculture, healthcare, education, retail, government, insurance and others. It 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. The company also provides solutions like voice biometrics, virtual assistants and speech analytics. It currently has offices in India, the Philippines and UAE, and claims to have over 70 clients, including ITC, Muthoot Fincorp, Axis Bank, Chola Home Equity, Basix, State Bank of India, and Oxigen among others.
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 had 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.
At the time, the company had said that 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.
IDG Ventures investment this year
– $1.2 million in mobile payments startup Momoe, along with Jungle Ventures and India Quotient.
– Rs 18 crore in online recruitment portal myNoticePeriod.com.
– $1.5 million in online recruitment portal Asaanjobs.com, along with Inventus Capital Partners.
– TPG Capital and Hong Kong-based TR Capital invested Rs 135 crore in online eyewear store Lenskart, along with IDG Ventures.
– $3 million in virtual classroom solutions provider SuperProfs.com, along with Kalaari Capital.