Vestec Inc., a privately-owned speech technology company founded by researchers at the University of Waterloo in Waterloo, Ontario, has raised US$1.5 million from V. Raman Kumar, the founder and former CEO of MModal Inc., an early voice-based medical transcription company based in Franklin, Tennessee. Mr. Kumar also joined Vestec’s Board of Directors as Vice Chairman. In October, 2012, Vestec raised US$6.4 million from Sansar Private Equity Partners.
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Vestec, a Waterloo, Ontario-based maker of artificial intelligence-based speech products, has secured up to $6.4 million in funding from Sansar Private Equity Partners, which purchased $3 million in stock and obtained warrants with an option to invest another $3.4 million. The institutional funding round is Vestec’s second.