Tech Funding News | August 17, 2023
Contiinex, a Bengaluru-based startup leading the emerging Speech AI segment in India, has raised $2 million in a pre-Series A funding round. The investment came from two tech-focused venture fund houses – YourNest and Refex Capital.
Plans for US expansion
Contiinex will use the fresh funds to strengthen its technology team and expand its presence in the US market. Also, the company is planning to expand its Gen AI products to address the unstructured data segment across mediums such as voice, chat, email, visuals, and videos.
Girish Shivani, Founder and Executive Director, YourNest Venture Capital further noted, “We analysed over 2,670 startups in 2022-23 and Contiinex was among the few that stood out. Their deep domain knowledge, leveraging of technology, building IP moats, and an unflinching focus on customer delight in a very large market is what attracted us to the founding team. Their origin from cloud telephony augmented by new capabilities (speech-aware NLP, embedded audio) has positioned them well to offer a differentiated solution and the high-performant transcription of speech on the cloud and sophisticated event analyses (speech, tonal analysis, keywords) makes them a good contender to capture the market. We believe Contiinex has all the right ingredients to script a success story in a high-potential category.”
Sridhar Parthasarathi, Refex Capital, said, “Helmed by two visionary founders, we believe Contiinex and the AI solution it has developed has the power to revolutionize the insurance industry to tailor coverage plans, streamline claims processing, and mitigate fraud. This will ultimately drive down costs and improve the overall insurance experience for both providers and patients. Contiinex’s proprietary natural language processing (NLP) algorithms enable meticulous monitoring of conversations, ensuring adherence to regulatory guidelines and quality standards while minimizing human error. At Refex, we believe that the Indian software-as-a-service (SaaS) story is at its inflection point and we hope to see more Indian startups going global.”
Enhances business-customer relationships
Contiinex was founded by Prateek Mehta and Vijay Krishna BS in 2020 in India. Its Speech AI platform is specialised for the business-to-business (B2B) environment. It can accurately and efficiently analyse voice files and empower businesses to understand their customers better and make strategic business decisions.
Its generative AI based offerings can analyse voice files to assist agents and provide post-call quality audit automation to identify key insights. Currently, the startup works in insurance and healthcare sectors, and plans to foray into the retail and banking segment soon.
The startup aims to capture the English-speaking global speech market with its proprietary speech-to-text engine and large-language model driven Contiinex Open Framework for Insights (COFI).
Contiinex supports leadership teams of over 100 global enterprises to drive grassroot level digital transformation by expanding the spectrum of unstructured data for valuable business insights. As a powerful catalyst, it empowers diverse enterprises to progress to the next level of productivity, efficiency, and agility.
Link: Indian speech AI startup Contiinex raises $2M to fuel US expansion