An Ontario-based maker of artificial intelligence-based speech products, Vestec, has received up to $6.4 million in funding from Sansar Private Equity Partners, which purchased $3 million in stock and obtained warrants with an option to invest another $3.4 million. This is win-win situation for both companies. This fund will be utilized to develop speech recognition products and speech enabled services. 

The company is working on demystifying and popularizing speech technologies by leveraging unique Artificial Intelligence (AI) research tools.

Founded by a distinguished group of Artificial Intelligence (AI) researchers from Canada's famed University of Waterloo, the company offers many robust solutions, ranging from speech recognition products to speech-enabled solutions to a wide variety of applications in all key industries.

The main products of the company include ASR (Automatic Speech Recognition), NLU (Natural Language Understanding), and TTS (Text to Speech) engines. These products can work well with all major languages spoken around the world, and are available in embedded, server, distributed and cloud configurations. The company further believes that recent advances in AI are creating a paradigm shift in speech recognition, semantic understanding, and spoken text technologies.

Speaking about the company’s plans for future growth and success, Dr. Fakhri Karray, Vestec's primary Founder and Chairman, said in a statement, “Speech recognition is a major growth opportunity around the world, and we intend to serve the market with competitively priced innovative products, recent advances in Artificial Intelligence give us the proverbial silver bullet to upend the industry's traditional practice of premium pricing and technology mystification. We are thrilled that Sansar shares our vision and we are looking forward to working with them to build shareholder value.”

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