Healthcare Technology Featured Article

February 06, 2013

Vestec Secures $1.5 Million Equity Investments from Healthcare Innovator

The leading provider of groundbreaking Artificial Intelligence technologies, Vestec Inc., announced the securing of a $1.5 million in funding from V. Raman Kumar, former chief executive officer and founder of MModal, the largest clinical documentation company. He is the innovator behind voice-based medical transcription, and is currently the chairman of Mumbai-based Aeries Group. With this dramatic investment in Vestec, Kumar has joined the company’s Board of Directors as Vice Chairman.

V. Raman Kumar will also supervise the development of products and services across the global industry, with special emphasis on healthcare. He is planning to bring the cutting-edge technology tools from Vestec into the Middle East and Indian market. Talking about Kumar’s investment in the company and joining as a Vice Chairman, Dr. Fakhri Karray, primary founder and chairman of Vestec, today said that the applications for understanding natural language will represent next evolvement phase of the healthcare industry. Further, he expressed his pleasure and gratitude to Raman for contributing his extensive relationship and expertise to the company.     

Vestec, with this revolutionary Artificial Intelligence technology tool, aims at presenting diverse speech technologies to the masses. The advanced AI solution reduces significant time to market and deploy costs for speech solutions, and at the same time, increase performance and customer satisfaction. With his equity investment of $1.5 million and supervisory role in Vestec, Raman Kumar plans to reach out to the booming healthcare market in the Middle East and India, and popularize the AI speech technologies offered by Vestec Inc.  

V. Raman Kumar will be spreading the awareness for three of Vestec’s exclusive speech products, administering their marketing process across the Middle East and Indian market. The products offered by Vestec are:

  •          An ASR independent Natural Language Understanding system
  •          A low-cost, powerful, and standardized Speech Recognition Engine
  •          An ASR independent Call Steering system for call centers

The company is further planning to add Text to Speech engine into its unique product line. The speech technology products from Vestec can be leveraged to build “speech-based user interfaces” for diverse business processes, on any platform and across any industry. The products support natural speech interaction and keywords, and offer custom solutions in server, embedded, cloud configurations for multiple applications in major languages.

With regard to his joining Canada-based Vestec as Vice Chairman, V. Raman Kumar stated that the global healthcare industry exhibits a growing need for advanced natural language understanding technologies. Vestec Inc., presents an advanced AI platform and strong IP presence that delivers numerous competitive advantages which he plans to popularize and bring into the market. He further added that he is very pleased to join Vestec as a Vice Chairman.

Vestec Inc., is the leading provider of advanced Artificial Intelligence technologies. It is founded by an established team of Artificial Intelligence researchers from University of Waterloo, with Dr. Fakhri Karray as its chairman.

Raman Kumar is the founder and former chairman of MModal, the largest provider of clinical documentation technology solutions in the world. Currently, he is the managing director and chairman of Aeries Group and the chief mentor at Zeus Capital.

Edited by Ashley Caputo

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