Indian speech-based software solutions provider Uniphore grabs funding from angel investors
Uniphore Software Systems has received an undisclosed amount of funding from angel investors Indian Angel Network, Ray Stata and YourNest Angel Fund, according to The Economic Times.
The Indian firm will use the new capital for its expansion into the Middle East and Southeast Asia. The six-year-old company has previously secured seed money from Villgro Innovations Foundation and the National Research Development, the report detailed.
Live Mint cited Indian Angel Network member Nagaraja Prakasam saying: "In a country of 1.2 billion people, where only 250 million speak 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."
Umesh Sachdev and Ravi Saraogi founded Uniphore in 2008. The startup was incubated at IIT-Madras. The company provides patented speech recognition and biometrics applications for mobile banking, education, and agricultural firms in India, Live Mint reported.