Vestec lands $1.5 million investment; AI for business

Summary:The artificial intelligence and speech recognition company secures equity investment from MModal founder V. Raman Kumar.

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Canadian artificial intelligence company Vestec announced this morning that it secured a $1.5 million equity investment from MModal founder V. Raman Kumar.

Kumar will join the Waterloo, Ontario-based company's board of directors as vice chairman and will oversee the development of products and services for the global industry with a special focus on healthcare. MModal, of course, is the world's largest clinical documentation company and a pioneer of voice-based medical transcription.

"Natural language understanding applications represent the next frontier in healthcare," Vestec founder and chairman Fakhri Karray said in the release. "We are very happy Raman will be contributing his considerable expertise and relationships to our team."

Vestec was founded about four years ago by a group of researchers from nearby University of Waterloo. Its premise: speech-based input technologies were not as sophisticated as they could be. To boost accuracy and drop the cost, the company entered the fray, with a focus on serving business processes. Most recently, in October, the company secured $6.4 million in investment from Sansar Private Equity Partners.

Topics: Start-Ups, Health

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Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. He is also the former editor of SmartPlanet, ZDNet's sister site about innovation. He writes about business, technology and design now but used to cover finance, fashion and culture. He was an intern at Money, Men's Vogue, Popular Mechanics and the New York Daily Ne... Full Bio

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