Vestec, Inc., a Waterloo, Ontario-based company, has raised up to $6.4m in Series B funding.
In details, Sansar Private Equity Partners has acquired $3m of stock and obtained warrants with an option to invest another $3.4m.
The company intends to use the new capital to expand its product portfolio and geographic coverage.
Founded by Dr. Fakhri Karray, Chairman, and a group of Artificial Intelligence (AI) researchers from Canada’s University of Waterloo, Vestec develops speech recognition products and speech enabled services for a variety of applications in key industries. The core product portfolio consists of ASR (Automatic Speech Recognition), NLU (Natural Language Understanding), and TTS (Text to Speech) engines. All major languages spoken around the world are supported and the core speech products are available in embedded, server, distributed and cloud configurations.