GreyLabs AI, an innovative Speech Analytics Platform tailored for Financial Institutions, has successfully raised over $1.5 million in a seed funding round.
The investment was spearheaded by Matrix Partners India, with additional participation from prominent figures such as Vasant Sridhar (Founder of OfBusiness), Narasimha Reddy (Founder of MoEngage), Nitin Gupta (Founder of Uni Cards), Anil Goteti (Founder of Scapia Cards), along with several angel investors.
Founded in October 2023 by Aman Goel and Harshita Srivastava, GreyLabs AI aims to revolutionize how banks, financial institutions, and fintech companies extract actionable insights from vast amounts of unstructured data, particularly from speech data generated in call centers and email communications.
Traditionally, enterprises have only been able to manually audit a small fraction of call recordings, a method that is both labor-intensive and inconsistent.
This limited auditing often leads to missed cross-selling opportunities and inefficiencies in sales training and quality assurance.
To tackle these challenges, GreyLabs AI has developed a state-of-the-art Speech-to-Text engine with near-human accuracy.
By leveraging large language models specifically fine-tuned for the Banking, Financial Services, and Insurance (BFSI) sector, the platform can uncover insights to enhance sales agent efficiency, automate the audit and quality assurance process, and identify potential lead generation and cross-selling opportunities within calls, thereby boosting revenue for enterprises.
The platform is designed to address revenue and customer experience (CX)-centric use cases for financial institutions, including:
- Sales Conversion Improvement: Enhances conversion rates by identifying coaching opportunities and areas for improvement in sales pitches and objection handling for banking, financial, and insurance products.
- Customer Sentiment and Retention: Helps senior management understand the true Voice of the Customer, identify root causes of customer concerns, and suggest proactive actions to improve retention and CX.
GreyLabs AI’s founding team, which includes key members from the successful conversational AI platform Cogno AI (acquired by Exotel in 2021), is well-versed in the needs of the financial sector.
The team members are Aman Goel, Harshita Srivastava, Debabrata Basak, Raj Sanghavi, Shivam Gupta, and Shreyas Patel.
Aman Goel, Co-Founder & CEO of GreyLabs AI, highlighted the transformative potential of their technology:,
“The volume of unstructured data generated within enterprises is enormous. With recent advancements in Generative AI, we can now accurately analyze 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 of 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.”
Pranay Desai, Managing Director at Matrix Partners India, shared his thoughts on the investment:
“There is an immense amount of unstructured data generated from calls and emails across businesses that remain underutilized 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 empowers enterprises to extract insights from unstructured data, including call recordings and email data. The platform automates the call quality assurance and agent training process, helping companies maintain compliance with regulatory guidelines and enhance overall operational efficiency.
