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GreyLabs AI mops up $1.5 million in funding round led by Matrix Partners India

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Jessica Rajan

, ETtechLast Updated: Jun 18, 2024, 06:01:00 AM IST

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Ofbusiness founder Vasant Sridhar, MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, and Scapia founder Anil Goteti, among others who participated in the funding round for the speech analytics platform for financial institutions.

Speech analytics platform for financial institutions GreyLabs AI has raised $1.5 million in a funding round led by early stage venture capital firm Matrix Partners India.

The round also saw participation from Ofbusiness founder Vasant Sridhar, MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, and Scapia founder Anil Goteti among others.

“We are building a team to continuously improve and build new features. And most of the fund utilisation will be done on building the next phase of the product. Secondly, on the go-to-market side, now that we have worked with a few customers and are seeing very good results, we want to go to the market and expand rapidly to other customers,” cofounder and chief executive Aman Goel told ET.

Founded in October 2023 by Goel and Harshita Srivastava, the Mumbai-based company enhances sales agent productivity by extracting valuable insights and streamlining the audit and quality assurance processes through automation.

The company currently serves seven customers and aims to add over 30 clients by the end of the fiscal year.

“We are already at a decent stage of revenue, and this year we should be able to achieve over $1 million in revenue,” Goel said.

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The software currently supports English, Hindi, and Hinglish (a blend of English and Hindi) and is working on adding other languages such as Tamil, Gujarati, Marathi, and Telugu.

The platform which caters to Indian financial clients, plans to expand its services to a global clientele in the future. “Over the next few years, we will expand to nearby markets, such as the Middle East and Southeast Asia, where similar problems exist,” he said.

"While speech analytics is not a new concept, advancements in generative AI and speech recognition have enabled us to develop a system with near-human level accuracy,” said cofounder and chief product and technology officer Srivastava.

Commenting on the investment, Matrix Partners India managing director Pranay Desai, said, “There is an immense amount of unstructured data generated from calls and emails across businesses that remain underutilised for decision-making. In particular, regulated industries like banks and financial services need secure and compliant solutions to extract business value from this data. GreyLabs has a significant opportunity to drive revenue growth, enhance governance, and improve customer satisfaction in these industries by leveraging secure LLMs.