GreyLabs AI Raises Seed Funding To Offer Speech Analytics Solutions To Banks, Fintechs

Generative AI-powered speech and text analytics startup GreyLabs AI has raised $1.5 Mn (around INR 12.5 Cr) as part of its seed funding round led by Matrix Partners India. 

The round also saw participation from a host of founders, including Vasant Sridhar (OfBusiness), Narasimha Reddy (MoEngage), Nitin Gupta (Uni Cards) and Anil Goteti (Scapia Cards) among others.

The Mumbai-based startup plans to use the fresh capital to strengthen its tech stack, expand its geographical footprint and scale its team, founder and CEO Aman Goel told Inc42.

Founded in 2023 by Goel and Harshita Srivastava, GreyLabs AI leverages large language models (LLMs) to help businesses drive their sales, automate audits of calls of call centre and call quality assurance processes.

The company claims its AI-powered speech-to-text engine can extract insights from an organisation’s customer interactions and email communications with a near-human level accuracy.

GreyLabs AI will also use a portion of the proceeds to add support for more than 10 languages on its platform. Currently, it supports only English, Hindi and Gujarati.

“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,” said Goel.

The development comes at a time when AI adoption is on the rise in the country, ignited by OpenAI’s launch of ChatGPT in November 2022.

In a recent study conducted by Deloitte, India emerged on top among 13 countries in the Asia Pacific region for GenAI use and adoption.

The growth in the GenAI space has been unparalleled, so much so that India minted its first AI unicorn Ola Krutrim earlier this year. 

Amid a surge in demand for AI applications, several new players have emerged in the space with investors taking a shine on them.

As per Inc42 data, India is now home to around 100 GenAI startups who have cumulatively raised more than $600 Mn in funding from investors since 2019.

Some notable Indian startups in the GenAI space include Ola Krutrim, SarvamAI, Senseforth, MURFAI and DhiWise among others. 

In April, Bengaluru based Gen AI SaaS startup Vodex raised $2 Mn (around INR 16 Cr) in a seed funding round from Unicorn India Ventures and Pentathlon Ventures. 

In November last year, AI-powered martech startup Pixis raised $85 Mn in a Series C1 funding round led by Touring Capital.

Notably, India’s GenAI market is poised to grow exponentially in the coming years and is anticipated to surpass a valuation of $17 Bn by 2030.