IDG Ventures and YourNest Invests in Speech Recognition Firm Uniphore

Chennai-based speech recognition firm Uniphore confirmed its new investment of undisclosed amount from IDG Ventures and YourNest. The raised investment will be used to scale company’s core technology development efforts and expand its reach and presence in multiple markets across the globe.

Recently in May 2015, the company had raised a series A round of funding from Infosys Co-founder Kris Gopalakrishnan along with existing investors IDG Ventures India, Indian Angel Network, Yournest Fund, and Stata Ventures.

Launched in 2008, its solutions use speech as a medium for human-machine interaction and allow any software application to understand and respond to natural human speech. Uniphore’s solutions include voice biometrics, virtual assistant and speech analytics. It has worked with over 70 enterprise customers, including Mashreq Bank in Dubai and EastWest Bank in Phillippines.

The company till now has received investment from Kris Gopalakrishnan (Infosys Co-Founder), India Angel Network, Ray Stata (Co-Founder and Chairman of the Board of Analog Devices, Inc.) and YourNest Angel Fund and also seed investment from IIT Madras’ Rural Technology and Business Incubator (RTBI), Villgro Innovations Foundation, and the National Research Development Corporation.