The investment was led by Apoorv Ranjan Sharma and Daud Ali from Venture Catalysts, along with other prominent angels from the VCats networks including Anil Jain, Anuj Golecha, Anirudh Damani, Vishal Maheshwari, Nitin Aggarwal, Mayank Shah, Jayesh Shah and Anand Ladsariya.
Anil Chokhani from the Canada-based Zone Startups also co-invested in the seed funding round, which saw Zone Startups founder, Matt Saunders, joining the vPhrase team as an angel observer. The platform is partially funded by Centre for Innovation Incubation and Entrepreneurship (CIIE) at the IIM Ahmedabad.
Founded by Neerav Parekh, vPhrase, is an artificial intelligence platform that helps companies convert data to insightful and actionable stories. It helps companies make reports that can be easily understood by their employees and customers.Neerav,
Neerav, founder of vPhrase Analytics, said,
In today’s digital age, companies are drowning in data. However, to make sense of the data, they are using dashboards and visualisations. But visualisations are not insight. You need to interpret visualisations to draw insights from them. And to interpret, you need expertise and time without which the insights never get fully understood. Our technology helps businesses communicate the insights in their data, to their people, in an easy to understand narrative format.
vPhrase has a patent-applied platform, Phrazor, that analyses data, derives insights and then communicates those insights in words and in multiple languages.
The startup is already working with two of the top five private Indian banks, and some companies in insurance, broking, media and engineering space. The company won the ‘Economic Times Power Of Ideas’ content where 19000 teams participated from across the country. They have also been selected for ‘Leaders In Innovation Fellowship’ by Royal Academy of Engineering, UK for the innovative work they are doing in the AI space.
Daud Ali, who led the Angel investment for VCats, added, “ With its AI-enabled data analytics and insight delivery, vPhrase was the perfect candidate for the seed investment. We are confident that vPhrase will set an example of sustainable startup growth which will use pure technology play as a growth driver instead of depending upon marketing and other customer acquisition costs like so many of today’s unicorns.”
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