VoxSmart Raises $12 Million in Latest Funding Round

VoxSmart Ltd., the global leader in communications surveillance and financial AI solutions, announced today that it has raised an additional $12 million. In its latest funding round, the cash infusion comes from existing investors including UK-based ToscaFund, as well as existing US investors. The deal, completed in the first quarter, marks a significant milestone for the global FinTech company.

2022 marked a noticeable uptick in regulatory oversight and fines levied against some of the world’s largest banks for communications violations, specifically WhatsApp. In September, the FCC and CFTC issued over $2Billion in fines to 11 of the largest market participants, with the FCA launching a follow up probe to gauge the level of WhatsApp use amongst major institutions. Globally, financial institutions of all sizes are experiencing an increased focus from regulators over the multiple communications tools and channels, while seeing an increase in employee and customer demand to utilize more diverse means of communication. Financial institutions are facing a reckoning where policy and procedure meet customer service plus transaction time. The rush to meet these regulatory requirements in a timely fashion is being magnified by the lack of tools suited for the industry and comprehensive oversight into these tools.

Even in a time of economic uncertainty, investors are confident in VoxSmart’s technology specifically in the areas of regulatory compliance for multiple communications and their innovation in the areas of Natural Language Processing (NLP), AI and ML. Recently, with the launch of CHATGPT and now ChatGpt 4, the scale-up has received several inquiries from the world’s leading banks interested in how they can utilize AI going forward.

“VoxSmart has significant experience in assisting global market participants with these incredibly complex matters,” stated George Koulouris, Partner at Tosca Fund “we are more than confident in the technology and looking forward to the future.” Recently, VoxSmart CEO, Oliver Blower noted they have seen a growing requirement from small and medium-sized financial institutions for an effective out-of-box surveillance solution. This cash injection will be used to further develop VoxSmart’s technology underpinning its range of solutions for a wider breadth of clients, including mobile text and voice capture, trade reconstruction, and NLP.

Commenting on the deal, Blower said: “We are in a period of extremely wavering investor confidence, with a lot of uncertainty, on the banking side, in the air. The fact that our investors have once again placed their trust in us is testament to VoxSmart’s market position, as well as the confidence in our team, technology and AI capabilities.”

This news follows Toscafund’s investment of $25 million in March 2021, as well as VoxSmart’s acquisition of US based AI & NLP Technology provider GreenKey Technologies in November 2021.