Mumbai-based vPhrase Analytics Solutions Pvt. Ltd, which runs artificial intelligence-based data analytics platform, has raised an undisclosed amount from early stage investors Venture Catalysts, the investor said, in a statement on Tuesday.
The company will use the fund for product development and marketing activities.
Founded by Neerav Parekh, vPhrase helps companies make their reports easier to understand for their employees and customers. It creates personalised narratives for each customer and highlights relevant points which need attention. It claims to be optimising time management by streamlining the understanding process.
“In today’s digital age, companies are drowning in data. However, to make sense of the data, they are using dashboards and visualizations. But visualizations are not insight. You need to interpret visualizations to draw insights from them. And to interpret, you need expertise and time without which the insights never get fully understood,” said Parekh, founder, vPhrase Analytics.
“Our technology helps businesses communicate the insights in their data, to their people, in an easy to understand narrative format,” he added.
The company’s patent-applied platform, Phrazor, analyses data, derives insights and communicates those insights in multiple languages. By automating the work of analysis and communication which has so far been the forte of expensive domain experts, vPhrase claims to be bringing down the cost of delivering insights from data analytics to a fraction.
“With the company fast emerging as a potential game changer in the field of artificial intelligence-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,” said Apoorv Ranjan Sharma, co-founder, Venture Catalyst.
It is working with two of the top five private Indian banks besides a bunch of other companies in insurance, media and engineering space, it said without disclosing the names.