Waterloo’s Vestec Raises Fresh $1.5 Million


People in Puzzle

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.

PRESS RELEASE

Vestec, Inc. a leader in cutting-edge Artificial Intelligence technologies, today announced that they have secured a $1.5 million equity investment from V. Raman Kumar, founder and former CEO of MModal, the world’s largest clinical documentation company and pioneer of voice-based medical transcription.

“We are very happy Raman will be contributing his considerable expertise and relationships to our team.”

Mr. Kumar has joined Vestec’s Board of Directors as Vice Chairman and will also oversee the development of products and services for the global industry with a special focus on healthcare.

“Natural language understanding applications represent the next frontier in healthcare,” said Dr. Fakhri Karray, Vestec’s primary Founder and Chairman. “We are very happy Raman will be contributing his considerable expertise and relationships to our team.”

“I am delighted to join the Board of Vestec,” said Mr. Kumar. “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.”

About Vestec:

Vestec was founded by a distinguished group of Artificial Intelligence (AI) researchers from Canada’s famed University of Waterloo under the chairmanship of Dr. Fakhri Karray, a renowned expert in the field of computational intelligence at Canada’s University of Waterloo. Dr. Karray is the University Research Chair Professor in the field of Intelligent Systems as well as the co-Director of the Center for Pattern Analysis and Machine Intelligence (PAMI). Vestec solutions enable sophisticated speech-based user interfaces in all major languages across a wide variety of business processes. Unlike traditional speech recognition and semantic understanding technology, Vestec’s cutting-edge Artificial Intelligence-based approach significantly reduces time-to-market while increasing semantic accuracy. www.vestec.com

About V. Raman Kumar:

Mr. Kumar is the founder and former Chairman/CEO of CBay Systems/MModal. He founded CBay Systems, subsequently renamed MModal, in 1998, and took the company from start-up into the world’s largest provider of clinical documentation technology solutions to the U.S. healthcare industry. MModal was recently sold to One Equity Partners (JP Morgan’s private equity arm) for $1.1 Billion. Today, Mr. Kumar is the Chairman and Managing Director of Aeries Group and Chief Mentor at Zeus Capital.

Photo courtesy of Shutterstock.

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