Sistema Asia Fund invests in Uniphore
Sistema Asia Fund (SAF), Sistema’s venture capital arm in Asia, has participated in the Series C investment round for Uniphore, a Chennai-based speech recognition company, alongside other investors. The company raised a total of USD37.9m in the round.
The capital raised is expected to be deployed towards R&D, building speech analytics and virtual assistant solution for global markets.
Uniphore, co-founded by entrepreneurs Umesh Sachdev (CEO) and Ravi Saraogi (President, APAC) in 2008, aims to bridge the communication gap between man and machine using voice and speech. The company develops and sells software for Conversational Analytics, Conversational Assistant and Conversational Security.
Uniphore’s core products are:
Speech Analytics software enabling organizations in identifying customer problems through analyzing customer dynamics and call center interactions. The product combines AI and NLP (natural language processing) to uncover real insights from customer conversations, empowering organizations to deliver personalized customer service experiences.
Conversational Assistant software that helps organizations in consumer interaction and can be deployed using a variety of interfaces. Backed by real-time customer analytics, the software drives highly effective conversations for supporting sales and customer service functions across multiple industries.
Authentication software providing security to phone-based transactions. It works by identifying unique voice patterns, including behavioral and physiological ones, to authenticate individuals.
The speech and voice recognition industry is growing rapidly worldwide: it is expected to reach USD 31.82 bn by 2025, according to a report by Grand View Research, exhibiting a CAGR of 17.2% during the forecast period.
With ASR (automatic speech recognition) and NLP (natural language processing) algorithms achieving 95%+ accuracy levels, voice solutions are now widely being accepted as enterprise grade and being put to production. The customer service industry Uniphore operates in is estimated to be a $350B industry globally. According to Uniphore’s data AI intervention can reduce call costs by 70-80%, creating massive savings for large consumer facing enterprises. At the same time, AI enabled agents can drive a 200-300% higher sales/upsell efficiency compared to purely manual call centers. Uniphore expects 80% of companies globally to eventually use artificial intelligence in their customer service workflows.
Andrey Terebenin, Managing Partner at SAF, commented on the investment: “At SAF, we see voice as the key machine-human interface of the future, Uniphore has developed efficient AI-driven solutions to help enterprises drive their business processes based on NLP (natural language processing), NLU (natural language understanding) and NLG (natural language generation). The company has built a high quality and scalable technology stack to offer its solutions to enterprises in various languages and is at an inflection point of adoption.
Global call center operations is a massive industry ripe for disruption through voice AI – the potential cost savings and efficiencies make it an irresistible offering for enterprises to explore.
The company boasts of high quality investors and board members like John Chambers, former executive chairman and CEO of Cisco Systems, and under whose guidance they can scale rapidly and become a leading company in voice AI globally.”