8 March, 2016, New Delhi: Giving a big boost to the country’s innovation quotient, Venture Catalysts, India’s first Seed Investment & Innovation platform, recently invested in vPhrase Analytics Solutions Pvt. Ltd., an Artificial Intelligence platform that helps companies communicate insights in data, in words, at scale. The seed investment was led by Dr. Apoorv Ranjan Sharma and Daud Ali from Venture Catalysts, while other prominent Angels from the VCats networks included Anil Jain, Anuj Golecha, Anirudh Damani, Vishal Maheshwari, Nitin Aggarwal, Mayank Shah, Jayesh Shah and Anand Ladsariya.
In addition to VCats Angels, Anil Chokhani from the Canada-based Zone Startups also co-invested in the seed funding round, which saw Zone Startups Founder Matt Saunders joining the team at vPhrase as an Angel observer. Also, the platform is partially funded by Centre for Innovation Incubation and Entrepreneurship (CIIE) at the Indian Institute of Management, Ahmedabad (IIM-A)
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalyst, commented, “Venture Catalysts was established to provide the country’s promising start-ups with comprehensive early-stage support required to achieve growth and success. The decision to invest in vPhrase Analytics was taken due to its focus on state-of-the-art technology to drive innovations. Neerav, as a founder, has great experience and has used it to attain high growth vertically despite having a lean team. With artificial intelligence and machine learning in play, he has been able to develop the perfect tool to convert all technical data into simple understandable language at minimal cost and a very short amount of time. With the company fast emerging as a potential game changer in the field of AI-based data analytics, we are confident that the funds as well as our extensive support network will aid vPhrase in becoming an industry leader on a global level.”
Founded by Neerav Parekh, vPhrase helps companies to make their reports easier to understand for their employees and customers. By writing personalised narratives for each employee/customer and highlighting all the important points which need attention, vPhrase optimises time management by streamlining the understanding process and gives employees and consumers more time to take actions.
Neerav Parekh, Founder, vPhrase Analytics, said “In today’s digital age, companies are drowning in data. However, to make sense of the data, they are using dashboards and visualisations. But visualisations are not insight. You need to interpret visualisations to draw insights from them. And to interpret, you need expertise and time without which the insights never get fully understood. Our technology helps businesses communicate the insights in their data, to their people, in an easy to understand narrative format.”
Anil Chokhani, Partner, Zone Startups India Fund, commented, “Zone Startups India works with only high-technology, disruptive start-ups ventures such as vPhrase, which is solving a major problem for a lot of industries related to technology, such as finance, business, e-commerce and healthcare. There is hardly any human factor involved in its solutions and the data can be interpreted even by a layman, which is why many enterprises are feeling the need for its services. As a result, vPhrase is already generating a high amount of revenue. The decision to invest in vPhrase was taken only after having carefully scrutinised the company’s growth over time from a couple of POCs to a 2-digit paying customer base.”