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GreyLabs AI raises over $1.5m in Seed round led by Matrix Partners India

By Gloria Mathias

June 18, 2024

  • AI
  • Banking technology
  • Banks
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GreyLabs.ai, Fintech News, Fintech solutions, Fintech India, Fintech Funding, AI , LLMs, Fintechs, Banks, Banking Technology, Startup Fintech, Fintechy Startup News,GreyLabs AI, a Speech Analytics Platform for financial institutions, raised over $1.5 million in a seed round led by Matrix Partners India.

Notable investors participated in the round, including Vasant Sridhar (founder of OfBusiness), Narasimha Reddy (Founder of MoEngage), Nitin Gupta (Founder of Uni Cards), Anil Goteti (Founder of Scapia Cards), and several other angel investors.

GreyLabs AI aims to redefine how banks, financial institutions, and FinTechs extract actionable insights from unstructured data, particularly from speech data generated in call centres and email communications. Traditionally, enterprises manually audit a mere 1%–2% of all call recordings for training and quality enhancement purposes, a process that is both time-consuming and inconsistent. Moreover, many cross-selling opportunities within these calls often go unnoticed.

To address these challenges, GreyLabs AI has developed a Speech-to-Text engine that boasts near-human accuracy. Leveraging large language models fine-tuned for the BFSI sector, the platform uncovers insights to boost sales agent efficiency and automates the audit and quality assurance processes. Additionally, GreyLabs AI’s technology can precisely identify lead generation and cross-selling opportunities within calls, thereby aiding enterprises in revenue generation.

Founded in October 2023 by Aman Goel and Harshita Srivastava and later joined by Debabrata Basak, Raj Sanghavi, Shivam Gupta, and Shreyas Patel, the GreyLabs AI team previously co-founded Cogno AI, a conversational AI platform for banks and financial institutions that was acquired by Exotel in 2021.

‍Aman Goel, Co-Founder and CEO of GreyLabs AI stated, “The volume of unstructured data generated within enterprises is enormous. With recent advancements in generative AI, we can now accurately analyse this data and transform it into actionable insights. Our goal at GreyLabs AI is to empower enterprises with the right technology to achieve this.”

Pranay Desai, Managing Director, Matrix Partners India, shared, “There is an immense amount of unstructured data generated from calls and emails across businesses that remains underutilised for decision-making. Regulated industries like banks and financial services need secure and compliant solutions to extract business value from this data. Greylabs has a significant opportunity to drive revenue growth, enhance governance, and improve customer satisfaction in these industries by leveraging secure LLMs. We are excited to collaborate with Aman, Harshita, and the GreyLabs team as they embark on building a lasting institution.”

 

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