Speech technology company Vestec announced that it has landed $1.5 million in funding from V. Raman Kumar, the founder and former CEO of MModal, a provider of clinical transcription services and clinical documentation workflow solutions. Kumar has also joined Vestec’s board of directors as vice chairman and will oversee the development of products and services for the global market with a focus on healthcare.
“I am delighted to join the Board of Vestec. Healthcare has a growing need for natural language understanding technologies, and Vestec, with its strong IP and advanced AI platform offers many competitive advantages which we will productize and bring to market,” said Kumar.
Vestec was founded by a group of artificial intelligence researchers from the University of Waterloo under the chairmanship of Fakhri Karray, a University Research Chair Professor in the field of intelligent systems, as well as co-director of the Center for Pattern Analysis and Machine Intelligence.
MModal was recently sold to One Equity Partners, JP Morgan’s private equity arm for $1.1 billion. Kumar is currently the chairman and managing director of Aeries Group and chief mentor at Zeus Capital.
Last October, Vestec secured $6.4 million in institutional funding from Sansar Private Equity Partners, which it is using to expand its product portfolio for speech-recognition products and speech-enabled services.