startup funding

AI-led SaaS Firm Uniphore Software Raises $38 Mn in Funding led by March Capital and Chiratae Ventures

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Chennai-based Speech Recognition Solutions Company, Uniphore Software Systems Ltd, which is backed by Infosys co-founder Kris Gopalakrishnan, has raised $38 million (Rs 262 crore) in series-C round of financing led by Los Angeles-based venture capital firm, March Capital Partners, and early investor Chiratae Ventures (formerly IDG Ventures), reported Outlook citing Paper.vc, a business intelligence platform.

Other investors who also contributed to the latest round include Mauritius-based Winterfield Ventures International, The CXO Fund, Patni Wealth Advisors, Mauritius-based IDG Ventures India Fund II LLC, London-based National Grid partners Ltd, ITCL (India Ltd), Singapore’s Sistema Asia Fund, SACAP India and the US-based Intuitive Growth Ventures Fund LLP.

Three investors were allotted a total of 10,372 shares of Rs 100 face value for around Rs 119 crore at a premium of Rs 15-lakh per share

Uniphore is an IIT-Madras incubated startup launched in 2008 and currently has offices in India, Philippines and U.A.E.

Backed by former Cisco chairman John Chambers and Indian Angel Network, Uniphore had earlier cumulatively raised $13.9 million (Rs 96 crore) in the first two or A and B series of funding.

Besides, Uniphore had also received investment Ray Stata (Co-Founder and Chairman of the Board of Analog Devices, Inc.) and YourNest Angel Fund and also seed investment from IIT Madras’ Rural Technology and Business Incubator (RTBI), Villgro Innovations Foundation, and the National Research Development Corporation.

The Artificial Intelligence (AI) -based speech-recognition solutions firm, delivers transformational customer service by providing an integrated suite of SaaS (software as a service) products for conversational analytics, assistant and security.

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