Vestec Secures Equity Investment from Leading Middle Eastern Investor

Waterloo, ON, Canada (PRWEB) June 27, 2013 - Vestec, Inc. a leader in powerful Artificial Intelligence technologies, announced today that they have secured a significant equity investment from Prince Mishaal bin Abdullah bin Turki bin Abdul Aziz Al Saud. Prince Mishaal has also joined Vestec’s Advisory Board and will help guide Vestec’s growth strategy in the Middle East.

“Advances in Artificial Intelligence research are creating a powerful paradigm shift in speech technologies across different platforms and languages,” said Dr. Fakhri Karray, Vestec’s primary Founder and CEO. “We are looking forward to leveraging Prince Mishaal’s deep expertise and strong relationships to facilitate Vestec’s growth in the Middle East.”

“I am very pleased to invest in Vestec and join its Advisory Board,” said Prince Mishaal. “Consumer awareness and acceptance of speech recognition is growing around the world. Vestec is in an enviable position to make a strong impact on consumer experience with speech products and services by utilizing its unique portfolio of Artificial Intelligence innovations.”

About Vestec:

Vestec was founded by a distinguished group of Artificial Intelligence (AI) researchers from Canada’s famed University of Waterloo under the chairmanship of Dr. Fakhri Karray, a renowned expert in the field of computational intelligence at Canada’s University of Waterloo. Dr. Karray is the University Research Chair Professor in the field of Intelligent Systems as well as the co-Director of the Center for Pattern Analysis and Machine Intelligence (PAMI). Vestec solutions enable sophisticated speech-based user interfaces in all major languages across a wide variety of business processes. Unlike traditional speech recognition and semantic understanding technology, Vestec’s cutting-edge Artificial Intelligence-based approach significantly reduces time-to-market while increasing semantic accuracy.

About Waterloo:

Waterloo Region is Canada’s premier technology hub. It is home to nearly 1,000 technology companies, generating more than $25 billion in annual revenues, and employing over 30,000 people. It hosts research centers of major international technology firms such as Google, Microsoft, Oracle, Intel, RIM, Open Text, Agfa, Sybase, McAfee, Desire2Learn and Electronic Arts. There are more than 550 startups and three business incubators for commercializing research. Taken together, the cluster represents competency in everything from software development, digital media, mobile and wireless, to advanced manufacturing, robotics, aerospace and defense, to clean and biotech, health, IT services and telecom.

Original Release: PR Web

Image: Courtesy Vestec