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Prateek Mehta and Vijay Krishna BS
Speech AI startup Contiinex has raised $2 million or Rs 16.6 crore in a per-Series A funding round led by technology-focused venture capital firms, YourNest and Refex Capital.
Contiinex says it will focus on strengthening its tech team and expanding its presence in the US market. In addition to this, It also plans to expand its Gen AI product offerings to address unstructured data across all mediums like voice, chat, email, videos and visuals.
Founded in 2020 by Prateek Mehta and Vijay Krishna BS, The startup, which targets English speaking global Speech market, claims that its proprietary speech-to-text engine and LLM-driven Contiinex Open Framework for Insights (COFI) have created a huge impact in the healthcare and insurance sectors.
While it operates in the healthcare and insurance sectors, It also plans to enter the retail and banking segment in the near future.
Contiinex has offices in Bengaluru and Manhattan, New York. Contiinex further said that it can accurately and efficiently analyse voice files and empower businesses to understand their customers better and make strategic business decisions.
“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," said Girish Shivani, Founder & Executive Director of YourNest Venture Capital.
"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," Girish said.
Sridhar Parthasarathi from Refex Capital said Contiinex's AI solution can transform the insurance sector by customizing plans, speeding up claims and reducing fraud to improve experiences. He further said Contiinex's proprietary natural language processing algorithms enable meticulous monitoring of conversations to ensure regulatory compliance, quality and minimize errors.
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