[Funding alert] Business intel startup vPhrase announces Series A funding by Bharat Innovation Fund and Falcon Edge Capital
AI-powered natural language generation (NLG) leader vPhrase has announced Series A funding with a $2 million investment by Bharat Innovation Fund and Falcon Edge Capital, at an undisclosed valuation. The Series A infusion will be strategically deployed to scale global operations, strengthen the vPhrase team, and launch a new product for an insight-driven collaboration within the enterprise teams.
The business intelligence and data analysis tools startup was founded in 2015 by Neerav Parekh, who has more than a decade's experience working in different roles and setting up businesses in technology, marketing, and finance.
Neerav Parekh, Founder and CEO, vPhrase Analytics Solutions Pvt. Ltd., says, “The capital will be used to expand our presence in key global markets and strengthen our team. The funds will also be used to launch our latest product – Explorazor, an independent business intelligence and analytics platform that provides ready-to-consume insights with powerful collaboration features. Explorazor is powered by vPhrase’s advanced NLG engine and machine intelligence.”
Companies are collecting troves of data but to make sense of all that data, they use spreadsheets and dashboards. Spreadsheets require analysis while dashboards require interpretation; business users don't have time for either.
By auto-generating deep insights in normal human language, vPhrase aims to ensure that users understand exactly what story the data has to say and help them take data-driven decisions.
“The richness of language that we generate, the multilingual capability and high configurability set us apart and our portfolio of marquee clients is a validation of the value our technology brings to any enterprise.”
The NLG leader has an impressive portfolio of clients, including Fidelity International, Abbott, HDFC Bank, Kotak Bank, Sony Pictures, ABB, Torrent Pharma, Motilal Oswal Securities, ICICI Lombard Insurance, and many more. Also, it has a strong partner base comprising Deloitte, Accenture, Capgemini, and Microsoft.
Till date, vPhrase has successfully executed 200+ use cases and is eager to deliver more.
Application in myriad use cases
Ashwin Raguraman, Partner, Bharat Innovation Fund, says, “The digital enterprise is now become a reality after being a buzzword for many years. vPhrase's insights and collaboration products are a first port of call for many organisations in their road to going digital.”
“The world class quality of vPhrase's NLG technology, the myriad use cases it can be applied to, and its validation through adoption by marquee customers in India and globally, have enticed us into being a part of their growth journey,” he adds.
Ryerson Futures, a top accelerator programme focused on market-changing ideas and high-trajectory startups, and Venture Catalysts, India's top incubator for startups, were early-stage investors in vPhrase.
Navroz Udwadia, Partner, Falcon Edge Capital says, “Natural language generation (NLG) industry is at its nascency globally and is on course to become a multi-billion TAM. vPhrase is a leader in NLG and we believe vPhrase’s product suite already compares favourably versus its global competition. vPhrase’s Phrazor engine has already demonstrated strong product-market fit, high accuracy and easy customisability, and continue to impress us with their growing use cases across industries.”
The company’s product, Phrazor, is a fully customisable self-service NLG platform with the capability to create, configure and automate reports consumed by enterprises and individuals. It ensures personalisation and standardisation in reporting. It has the potential to generate thousands of reports at the speed of thought. Additionally, it provides a BI dashboard plugin, which automatically adds management commentary to existing dashboards of Tableau, Power BI, and Qlik.
AI is the next frontier, and India has a million problems waiting to be solved using technology. NLG cuts across all of these and forms an important connector in building immersive customer experiences. According to Forrester Research, “By the end of 2019, all enterprise BI deployments will include NLG”.
(Edited by Teja Lele Desai)