Chennai based Uniphore raises a funding round led by Indian Angel Network
Uniphore Software Systems is a Chennai based language speech recognition solutions company. Founded by Umesh Yadav and Ravi Saraogi, Uniphore has announced a funding round led by the IAN members, Nagaraja Prakasam and M.V.Subramanian along with Ray Stata and YourNest Angel Fund. IAN investor member, Nagaraja Prakasam will join the board the company. More details about the funding haven't been disclosed.
The funding will be primarily used to expand Uniphore’s global presence, by foraying into other non-English speaking regions such as South East Asia and the Middle East, where businesses face similar challenges to those Uniphore has been taking on in the Indian context. Launched in 2008, Uniphore was also one of the MobileSparks of 2012 and was profitable from the second year of its operation. IIT Madras’ Rural Technology and Business Incubator, Villgro Innovations Foundation, and the National Research Development Corporation had put in the seed investment.
“Customers today demand personalized service delivery in a language of their choice and Uniphore's speech-based solutions are the most intuitive and scalable way to make this happen”, said Umesh Sachdev, co-founder and CEO, Uniphore Software Systems. “This investment is a powerful endorsement of Uniphore’s ability to provide unique and measurable value to our enterprise customers across industries through speech technology. We are delighted to partner with a strong team of investors who can help realize our vision and aggressive growth expectations.”
Analyst and industry estimates place the global market for enterprise mobility applications at $174 Billion 2017, and the team believes that the ability to integrate speech into these mobility application is a clear and present need. IAN member Nagaraja Prakasam said, “Continuing on our theme on backing inclusive innovations, we are optimistic of the success of Uniphore, which has already completed six successful years. In a country of 1.2 billion people where only 250 million speaks English vernacular speech recognition can enable financial inclusion to information dissemination to farmers. Uniphore is also a great example of solving problems of billion people which opens opportunity for another 4 billion in emerging nations."