WiseWorks AI, an intelligent communications company backed by AI veteran Dr. Rojon Nag, raised a $1.2M investment in a round led by Veridian Ventures from funds including Silicon Valley-based R42 SyndicateRoom Angel Fund and Istcapital. Dr. Nag is the founder of R42 and has advised several speech recognition companies under brands like Motorola and Blackberry.
Dr. Nag said, “Having worked in speech recognition for 30 years, we can see the potential of WiseWorks’ application to transform the way financial institutions monitor and analyze virtual communications and handle costly and time-intensive activities.”
The startup, WiseWorks, aims to help regulated firms like financial institutions accredited by the Financial Conduct Authority (FCA) to record and store communications. Especially after the COVID-19 pandemic resulted in remote workflows amongst many institutions, various companies are struggling to manage the explosion of communications. Hence, a robust tracking and handling system of virtual communications involving confidential company data is needed.
Teoman Gonec, co-founder and CEO of WiseWorks, said their technology would help institutions achieve these objectives in a way that was not feasible before. WiseWorks has made a one-of-its-kind product that captures visual, linguistic, and acoustic communication cues. It enables out-of-reach use cases like misleading advice prediction, random fact-finding for development purposes, etc.
The startup is already gaining traction amongst several financial institutions with its Tier 1 trials. The company also plans to extend the product to other consumers who face similar challenges.