After securing $6.4 million in October last year the speech technology company, Vestec, has now successfully raised $1.5 million from the former CEO and founder of MModal, V. Raman Kumar. As a result of this new funding, Kumar has not only become a backer of Vestec, but he has also seized the key position of vice chairman on this Canadian company’s board of directors. MModal is a firm that offers clinical transcription and documentation services and its former CEO’s expertise in the medical field will help Vestec as the the new vice chairman supervises the development of products and services, which target international markets with a specific focus on healthcare.
On this occasion, Kumar said, “I am delighted to join the Board of Vestec. Healthcare has a growing need for natural language understanding technologies, and Vestec, with its strong IP and advanced AI platform offers many competitive advantages which we will productize and bring to market.”
Earlier Vestec landed $6.4 million from Sansar Private Equity Partners. That round of funding is being used by the company to stretch its product portfolio for speech-enabled services and speech recognition products. The startup is considered as a leader when it comes to advanced Artificial Intelligence technologies, as it was founded by a distinguished group of researchers, who deals in Artificial Intelligence at the University of Waterloo.
On the other hand, Kumar is performing his duties both as the managing director and chairman of Aeries Group and besides this he is also the chief mentor of Zeus Capital.
Source: TechCrunch
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