London-based AI startup Alchemy Machines has raised $400,000 in pre-seed funding. The round was led by SFC Cash and noticed the participation of Innovate British isles. The new resources will help further more development of the system and growth of the workforce.
The startup is applying chopping-edge Natural Language Processing (NLP) and Computerized Speech Recognition (ASR) to informatively transcribe, analyse, and summarise authorized-distinct world wide web meetings and phonecalls. The platform’s software package provides transcriptions that seize not only the phrases spoken but also the emotion and sentiment driving them.
Dia Thanki, founder and CEO, Alchemy Machines has designed the platform with the goal of decreasing transcription charges for legislation corporations and liberating up more and more overburdened trainee attorneys and secretarial workers, to emphasis on large-price function. She explained: “We goal to assistance remarkably regulated companies – beginning with legal and then accounting and insurance policy strengthen performance and decrease expenses by providing a resolution designed exclusively to satisfy the organisational and regulatory wants of these sectors.”
Ed Stevenson, investment manager, SFC Capital, additional: “Innovating in hugely regulated, substantial-stakes industries is tough even for properly-founded organizations. Alchemy Machines’ know-how is by now staying confidently made use of by regulation companies, is a indication that it is filling a considerably-desired gap in this marketplace.”
