Falcon Edge, Bharat Innovation Fund Invest $2 Mn In vPhrase Analytics
The funds will be used for global expansion, according to the startup
vPhrase is also looking to launch a new product for enterprises in the near future
The AI platform claims to have successfully executed over 200 use cases
Mumbai-based artificial intelligence startup vPhrase Analytics has raised $2 Mn in a Series A funding round from Falcon Edge Capital and Bharat Innovation Fund.
The funds will be used for global expansion, strengthen the vPhrase team and launch a new product for an insight-driven collaboration within the enterprise teams. Prior to this round, the company has raised an undisclosed amount of funding from Venture Catalysts.
Founded in 2015 by Neerav Parekh, vPhrase Analytics is an artificial intelligence platform that helps companies convert data to insightful and actionable stories. It helps companies make reports that can be easily understood by their employees and customers. In simple terms, it provides AI-powered business intelligence and reporting automation solutions using machine learning and natural language generation technology.
The company's flagship product Phrazor is a fully customisable self-service natural language generation (NLG) platform with the capability to create, configure and automate reports consumed by enterprises and individuals. It ensures personalisation and standardisation in reporting.
Navroz Udwadia, partner, Falcon Edge Capital said, "vPhrase's Phrazor engine has already demonstrated strong product-market fit, high accuracy and easy customizability, and continue to impress us with their growing use-cases across industries."
vPhrase Analytics claims to have clients such as Fidelity International, Abbott, HDFC Bank, Kotak Bank, Sony Pictures, ABB, Torrent Pharma, Motilal Oswal Securities, ICICI Lombard Insurance and many more. It claims to have successfully executed over 200 use cases.
Ashwin Raguraman, partner, Bharat Innovation Fund, said, "The world class quality of vPhrase's natural language generation technology, the myriad of use cases it can be applied to, and its validation through adoption by marquee customers in India and globally, have enticed us into being a part of their growth journey."
Research company Tractica forecasts that the revenue generated from the direct and indirect application of AI-based software is estimated to grow to $36.8 Bn by 2025. NLP technology development has grown significantly due to high computing GPU machines, wide internet availability and speeds, and the spread of mobile devices.
The global natural language processing market accounted to hit the market value of $28.6 Bn in 2026 and is expected to witness CAGR of 11.71% across the forecast period through 2018 to 2026.