Chennai-based speech recognition company Uniphore Software Systems has raised $38 million in fresh funding led by California-based venture capital firm March Capital Partners at an estimated valuation of around $130 million.
The Series C funding round also saw the participation of National Grid Partners, Sistema Asia Fund and Patni Wealth Advisors, among others. Existing investor Chiratae Ventures also participated in the funding round.
Uniphore raised a total of $37.9 million as part of its Series C investment in two tranches on June 5 and June 24, according to regulatory documents, which were sourced from business intelligence platform Paper.vc.
Paper.vc also estimated the valuation of Uniphore to be around $130 million post the investment.
When contacted, the company did not confirm the latest fund raise. “As a rapidly growing start-up, we are seeing an increase in interest from potential customers, employees and investors who see the value our organization is bringing to this market,” a spokesperson added.
Uniphore was the first company outside of the US that raised funding from former executive chairman of Cisco John Chambers in November 2017. Last year, Uniphore claimed it had achieved a $100 million valuation and was closing in on a $20 million annual revenue.
The company is investing heavily in R&D around speech recognition and utilising AI to build a conversation engine. During its previous fund raise the company had said that it doubles its investment in research every year, as it looks to build cutting edge solutions for the global speech analytics and virtual assistant markets.
