Alchemy Machines, a London-based AI startup has raised $400,000 in pre-seed funding. The round saw the participation of Innovate UK and was led by SFC Capital. The raised funds will be further invested in the platform’s development and expansion of the team.
The startup uses cutting-edge Automatic Speech Recognition (ASR) and Natural Language Processing (NLP) to informatively transcribe, analyse, and summarize legal-specific web meetings and phone calls. The platform’s software produces transcriptions that won’t only effectively capture all the spoken words but even the emotion and sentiment behind them.
The sole aim of Dia Thanki, founder and CEO, of Alchemy Machines, with this platform, is to reduce transcription costs for law firms. This is to be done while freeing up increasingly overburdened trainee lawyers and secretarial staff to focus on high-value work. Thanki said,“We aim to help highly regulated firms – starting with legal and then accounting and insurance improve efficiency and reduce costs by providing a solution built specifically to meet the organizational and regulatory needs of these sectors.”
“Innovating in highly regulated, high-stakes industries is difficult even for well-established companies. Alchemy Machines’ technology is already being confidently used by law firms, is a sign that it is filling a much-needed gap in this industry,” said Ed Stevenson, investment manager, SFC Capital.