Vestec lands $1.5 million investment; AI for business

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.

TOPICS: Start-Ups, Health

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

Andrew Nusca

About Andrew Nusca

Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. During his tenure, he was the editor of SmartPlanet, ZDNet's sister site about innovation.

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