Speech biometrics firm Uniphore receives $38M in funding to chase unicorn status

India-based biometric speech recognition and conversational AI company Uniphore has raised nearly $38 million in Series C funding round led by March Capital Partners, according to the Economic Times.

National Grid Partners, Sistema Asia Fund, Patni Wealth Advisors, and existing investor Chiratae Ventures are also among participants in the founding round, which took place in two tranches, and valuates the company at an estimated $130 million.

“As a rapidly-growing startup, we are seeing an increase in interest from potential customers, employees and investors who see the value our organisation is bringing to this market,” a company spokesperson said, while declining to confirm the reported funding round.

Uniphore provides voice authentication, conversational assistants, conversational analytics, and other call center services. It was reported by The Hindu earlier this year to be aiming for unicorn status after 300 percent growth in 2018 brought it to nearly $100 million in revenue over a thee-year period.

The company has previously received backing from IDG Ventures and Infosys Co-founder Kris Gopalakrishnan.

The market for voice biometrics is forecasted to grow by nearly 24 percent CAGR to more than $2.8 billion by 2024.

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