Speech analytics platform GreyLabs raises $1.5M in a Seed round; Know about the startup

GreyLabs AI, a speech analytics platform targeting financial institutions, has raised over $1.5 million in a seed funding round led by Matrix Partners India. 

The round also saw participation from Matrix Partners, Vasant Sridhar, founder of OfBusiness; Narasimha Reddy, founder of MoEngage; Nitin Gupta, founder of Uni Cards; and Anil Goteti, founder of Scapia Cards.

Several angel investors also participated in this funding round.

What does GreyLabs AI do?

GreyLabs AI was founded in October 2023 by Aman Goel and Harshita Srivastava and later joined by Debabrata Basak, Raj Sanghavi, Shivam Gupta, and Shreyas Patel.

The startup is on a mission to revolutionize how banks, financial institutions, and fintech companies extract actionable insights from unstructured data, particularly from speech data generated in call centres and email communications.

It enables enterprises to automate the call quality assurance and agent training processes, helping them maintain compliance with regulatory guidelines and enhancing overall operational efficiency. Additionally, its technology can precisely identify lead generation and cross-selling opportunities within calls.

Purpose of fundraising

GreyLabs AI intends to utilize the $1.5 million funding to enhance its product and expand its customer base. The startup currently serves seven customers and aims to have over 30 by the end of the year.

Additionally, The startup supports multiple languages including English, Hindi, and Hinglish, with plans to incorporate more languages soon. The funds will also aid in expanding their services to global markets, particularly in the Middle East and Southeast Asia.

Leveraging AI, speech recognition technologies

GreyLabs AI leverages AI and speech recognition technologies to extract valuable insights from unstructured data, focusing on regulated industries such as banking and financial services.

Their speech analytics system is designed to improve sales agent productivity and streamline audit processes through automation.

Aman Goel, Founder and CEO of GreyLabs AI, said, "We are building a team to continuously improve and build new features. And most of the fund utilisation will be spent 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."

GreyLabs AI competes with companies like Uniphore and Mihup. However, The startup distinguishes itself through its advanced AI-driven speech analytics platform and its focus on compliance and operational efficiency in the financial sector.