London-based AI startup Alchemy Machines has raised $400,000 in pre-seed funding. The round was led by SFC Capital and saw the participation of Innovate UK. The new funds will support further development of the platform and expansion of the team.
The startup is using cutting-edge Natural Language Processing (NLP) and Automatic Speech Recognition (ASR) to informatively transcribe, analyse, and summarise legal-specific web meetings and phonecalls. The platform’s software produces transcriptions that capture not only the words spoken but also the emotion and sentiment behind them.
Dia Thanki, founder and CEO, Alchemy Machines has developed the platform with the aim of reducing transcription costs for law firms and freeing up increasingly overburdened trainee lawyers and secretarial staff, to focus on high-value work. She 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 organisational and regulatory needs of these sectors.”
Ed Stevenson, investment manager, SFC Capital, added: “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.”