Automated lip-reading technology Liopa, which closed a £40m investment earlier in the month, has secured more funding.
The fresh capital comes from Future Fund, which was developed by the UK government and delivered by the British Business Bank to support high-growth firms through the challenges caused by the Covid-19 pandemic.
How much capital the company received was not disclosed.
Liopa is one of the first Northern Irish companies to receive capital from the Future Fund, it claims.
Earlier in August, the RegTech platform received a £40m investment from the UK government to support its research and development capabilities.
Liopa is a spin-out from Queen’s University Belfast and The Centre for Security Technologies and offers an AI-powered lip-reading solution. Its technology is used for improving the accuracy of voice assistants like Siri and Alexa, helping those who have lost their voice to communicate and automating the transcription of audio.
Automating transcription of audio helps companies that need to comply with regulations such as Dodd-Frank, MiFID II and GDPR where an accurate report of discussions is needed.
With the close of the funding, the company plans to bring its LipRead and SRAVI products to market. LipRead uses automated lip-reading software to improve the accuracy of video and media transcriptions.
SRAVI enables people to communicate with healthcare workers, or their friends and family, while they cannot use their voice. The solution is currently being piloted with the Lancashire Teaching Hospitals NHS Trust.
Liopa CEO Liam McQuillan said, “We are delighted to receive this funding in support of innovative businesses within the UK. The award will help Liopa achieve global impact with our automated lip-reading technology and ensure our continued success as a sustainable high growth tech company in Northern Ireland.”
Copyright © 2018 RegTech Analyst
