Fano Labs, backed by Openspace Ventures and other investors, secures Series B funding to expand its AI language solutions, focusing on APAC markets and enhancing its product offerings. The establishment of an office in Singapore and the development of new technologies underscore its commitment to innovation in language AI.
2 May 2024 – Fano Labs, a leading provider of AI language solutions, has successfully closed its Series B funding round, led by Openspace Ventures, a prominent venture capital firm in Southeast Asia. Other participants include HSBC, Greater Good Investment, the family office of Mr. and Mrs. Kenneth Lo, and existing shareholders. With this investment, Fano Labs plans to establish an office in Singapore to cater to international clients and expand its product offerings, focusing on APAC languages and launching Large Language Model (LLM) products.
Fano Labs, founded in 2015 as a spin-off from the University of Hong Kong, specializes in AI-driven Automatic Speech Recognition, Speaker Diarization, Voice Biometrics, Speech Synthesis, and Natural Language Processing technologies for enterprise and public sector organizations. Its in-house R&D team, comprised of leading international scientists and researchers, has achieved significant milestones, securing clients like HSBC, Citibank, and China Mobile Hong Kong.
The establishment of an international hub in Singapore has garnered positive recognition from the Singapore government, with accreditation by the Infocomm Media Development Authority (IMDA). Fano Labs’ AI technologies address challenges unique to Asia, such as Mixed-Language Speech Recognition and Speaker Diarization, ensuring high accuracy in multilingual environments. These solutions automate the analysis of audio recordings, aiding compliance and customer experience enhancement in financial services institutions.
Through its Interaction Analytics System, Callinter, Fano Labs enables banks to automate the analysis of recorded conversations, enhancing compliance checks and customer service efficiency. The system also provides valuable insights from customer conversations, aiding in product improvements and sales strategies. Additionally, Callinter helps combat fraud by detecting relevant calls and identifying identity thefts through voice recognition.
Openspace Ventures, HSBC, and Greater Good Investment expressed confidence in Fano Labs’ growth prospects, emphasizing its dedication to innovation and its potential to drive improvements in key banking operations. With strategic expansion plans and strong investor support, Fano Labs aims to consolidate its position as a global leader in language AI research and technology.
