Mumbai-based Big Data analytics and business intelligence platform vPhrase has raised $2 million in a Series A round of funding from Falcon Edge Capital and Bharat Innovation Fund.
The four-year-old startup will use the funds to scale its global operations, strengthen the team as well as for product development, an official statement said.
“Natural language generation (NLG) industry is at its nascency globally and is on course to become a multi-billion TAM (total addressable market),” said Navroz Udwadia, partner, Falcon Edge Capital.
In 2016, the company had received an undisclosed amount in seed funding from Venture Catalysts.
vPhrase Analytics Solutions, which operates the startup, was started in 2015 by Neerav Parekh. The company runs an artificial intelligence (AI)-based data analytics platform that helps businesses make reports easier to comprehend.
The company’s flagship product Phrazor leverages the technology of NLG with the capability to create, configure and automate reports for analysis by enterprises and individuals.
The company, which claims to offer personalisation and standardisation while generating reports, also said its platform possesses the capability to generate thousands of reports in a short time.
Its other product Explorazor is a stand-alone business intelligence and analytics platform which provides ready-to-consume insights.
“Companies are collecting troves of data but to make sense of all that data, they use spreadsheets and dashboards. Spreadsheets require analysis while dashboards require interpretation; business users don't have time for either. By auto-generating deep insights in normal human language, we are ensuring users understand exactly what story the data has to say and help them take data-driven decisions,” Parekh said.
The company claims its solutions cater to banking, insurance, asset management, wealth management, consumer goods, media & advertising and pharmaceuticals.
Its clientele includes Fidelity International, Abbott, HDFC Bank, Kotak Bank, Sony Pictures, ABB, Torrent Pharma, Motilal Oswal Securities and ICICI Lombard Insurance.
Recent activity in data analytics space
Earlier this week, Bike taxi startup Rapido acqui-hired Mumbai-based data analytics firm Vahanalytics in a cash-cum-stock deal. The deal will help in acquiring driving behaviour analysing capabilities for the company’s tech backbone.