GreyLabs AI Raises over $1.5M Led by Matrix Partners India

Mumbai, Tuesday, 18th June, 2024: GreyLabs AI, a leading speech analytics platform for financial institutions, raised over $1.5 million in a seed round led by Matrix Partners India. The round also saw participation from notable investors including Vasant Sridhar (Founder of OfBusiness), Narasimha Reddy (Founder of MoEngage), Nitin Gupta (Founder of Uni Cards), Anil Goteti (Founder of Scapia Cards), and several other angel investors.

GreyLabs AI aims to revolutionize how banks, financial institutions, and fintechs extract actionable insights from unstructured data, particularly from speech data generated in call centers and email communications. Traditionally, enterprises manually audit a mere 1% - 2% of all call recordings for training and quality enhancement purposes—a process that is both time-consuming and inconsistent. Moreover, many cross-selling opportunities within these calls often go unnoticed.

To address these challenges, GreyLabs AI has developed a cutting-edge speech to text engine that boasts near-human accuracy. Leveraging large language models fine-tuned for the BFSI sector, the platform uncovers insights to boost sales agent efficiency, automates the audit and quality assurance process. Additionally, GreyLabs AI's technology can precisely identify lead generation and cross-selling opportunities within calls, thereby aiding enterprises in revenue generation.

GreyLabs AI's platform focuses on revenue and CX-centric use cases tailored for financial institutions, such as:

Sales Conversion Improvement: Increases conversion rates by identifying coaching opportunities and areas where sales agents can improve their pitch and objection handling for banking, financial, and insurance products.

Customer Sentiment and Retention: Assists senior management in identifying the true voice of the customer, figuring out the root causes of customer concerns, and suggesting proactive actions to enhance retention and CX.

Founded in October 2023 by Aman Goel and Harshita Srivastava, and later joined by Debabrata Basak, Raj Sanghavi, Shivam Gupta, and Shreyas Patel, the GreyLabs AI team previously co-founded Cogno AI, a leading conversational AI platform for banks and financial institutions that was acquired by Exotel in 2021.

Aman Goel, Co-Founder & CEO, GreyLabs AI, stated, "The volume of unstructured data generated within enterprises is enormous. With recent advancements in generative AI, we can now accurately analyse this data and transform it into actionable insights. Our goal at GreyLabs AI is to empower enterprises with the right technology to achieve this."

Harshita Srivastava, Co-Founder & CTPO, GreyLabs AI, added, "While speech analytics is not a new concept, advancements in generative AI and speech recognition have enabled us to develop a system with near-human level accuracy. We are excited about the transformative impact our technology can have on enterprises at scale."

On the investment, Pranay Desai, Managing Director, Matrix Partners India, shared, “There is an immense amount of unstructured data generated from calls and emails across businesses that remain underutilised for decision-making. In particular, regulated industries like banks and financial services need secure and compliant solutions to extract business value from this data. GreyLabs has a significant opportunity to drive revenue growth, enhance governance, and improve customer satisfaction in these industries by leveraging secure LLMs. We are excited to collaborate with Aman, Harshita, and the GreyLabs team as they embark on building a lasting institution.”

‍About GreyLabs AI:‍

GreyLabs AI helps Enterprises extract insights from the organisation’s unstructured data including Call Recordings and Email data. The platform enables enterprises to automate the call quality assurance and agent training process, helping them maintain compliance with regulatory guidelines and enhancing overall operational efficiency.‍

About Matrix Partners India:

‍Founded in 2006, Matrix Partners India invests in early stage tech companies targeting the consumer and enterprise markets. Saas and AI are rapidly converging and the Firm has invested in several AI first companies such as Krutrim (India’s first AI unicorn), Murf AI (Synthetic AI speech technology), Atomicwork (AI-first ITSM), SuperOps.ai (AI-powered PSA-RMM platform) and SiftHub (AI sales enablement) amongst others. Other marquee current and past investments include Dailyhunt, Five Star Business Finance, OfBusiness, Ola, Ola Electric, OneCard, Oxyzo, Razorpay, Country Delight, among others. Matrix Partners India has advisory offices in Bangalore, Delhi and Mumbai. Further information is available at www.matrixpartners.in.

For more information, please contact:
pr@matrixpartners.in