Artificial intelligence startup Liv.ai, is going to raise a fresh round of investment from venture capital firm Astarc Ventures.
According to filings with the Registrar of Companies, between 2015 and 2016, Liv.Ai had raised capital from former Flipkart executive Amod Malviya, Manik Lather of LMR partners and Kotak Securities executive Ravi Nathan Iyer, among others.
“We are in the process of raising funds but cannot confirm the amount or the names of investors as the process is not complete yet,” said Liv.ai co-founder Subodh Kumar to VCCircle.
Liv.ai owned and operated by Liv Artificial Intelligence Pvt Ltd was founded in 2015 by Subodh Kumar, Sanjeev Kumar and Kishore Mudra. Its application programming interface (API) reduces time and labour costs as the answers get transcribed into text and are ready for analysis by the company.
The platform is built on automatic speech recognition technology with an AI-based core that has components of natural language processing and information retrieval. The system, which work both offline and online, currently supports Indian English, Hindi and Bengali.
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Through the voice based interfaces, Liv.ai enables users to express themselves in their own language in the digital world. Even as millions of Indians come online, and they remain a mute spectators, as the internet hardly talks their language.
Apart from ecommerce players, the government also has been using the platform to get feedback from citizens and call centre companies are using it for voice search.
The demand for speech recognition is increasing due to a combination of factors. In India, speech recognition startups haven’t managed to make a dent. Indian startups such as Uniphore and Mihup are working in the same segment, while global players like Voci, Talkitt, Gestigon, among others, are leading in the speech recognition ecosystem.