JACKSONVILLE, Fla - PITTSBURGH (December 11, 2023) - VoxEQ, a provider of world class and proprietary artificial intelligence tools to understand the person behind the voice, today announced the addition of capital partners in its most recent funding round.
GOVO Venture Partners, based in Winter Park, Florida, led the $2 million seed round. This is GOVO’s fourth portfolio company investments since announcing the launch of its GOVO Fund I in January.
VoxEQ products address expensive and complex business and security challenges, in a privacy protected manner.The initial market for the company’s products are call centers that serve both the public and private sectors, with a focus on detecting identity fraud. Built upon research from Carnegie Mellon University, the AI solution reduces Account Take-Over and fraud incidents, false positive rates, and agent time per call. It is effective in any language and against synthetic voices and deep-fakes.
Rob Panepinto, GOVO’s managing general partner, said of the investment, “GOVO sees significant opportunity for investing in AI companies that deliver specific process enhancement in the government and regulatory sectors. VoxEQ is a great example. With experienced leaders, the company has already demonstrated strong value and a product-market fit in a marketplace where many other AI companies are scrambling to find an application.”
Jack Caven, co-founder and Chief Executive Officer of VoxEQ said, ”This investment will accelerate the sales motion in 2024 and support the strong customer response to our unique capability in voice AI. Our customers also tell us they and their compliance departments appreciate that VoxEQ’s core values embrace ethical AI and privacy preservation.” Caven added, “To put this problem in perspective, the top 15 US banks receive a projected 44 million voice calls per day. Some 29,000 of those calls are known fraud, identified after the fraud occurred. Fraudsters have gotten more sophisticated in their tactics- to include use of the dark web for personal information, and technology workarounds to bypass authentication tools. Thus, many of the tools and products available today are losing their efficacy. VoxEQ provides a layer of preventative security that, on its own, or conjunction with other tools, enhances real-time voice fraud identification upfront - and doing so in a privacy protecting manner.
“Given our focus building AI models around human voice, and our ambitious goals mitigating billions of dollars lost to impersonation fraud each year, it is our good fortune to have Rob and his GOVO colleagues on our team,” said Dr. Robert J. Szczerba, co-founder and Chief Executive Officer of Carnegie Foundry, which launched the company and provided initial capital for VoxEQ. Carnegie Foundry is an advanced technology Venture Studio founded to scale and commercialize intellectual capital from Carnegie Mellon University.
“More fraud and security professionals are looking for flexibility and accessibility in the solutions they deploy. They want them built for scale, using an API approach, fully integrated into the systems and platforms they already leverage - and with a high level of customization,” said Mr. Caven. “VoxEQ gives companies these operational degrees of freedom, superior detection and responsiveness to today’s threats and better footing to address those coming over the horizon.”
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About VoxEQ
VoxEQ is a leader in extracting compelling and meaningful insights about an individual, from their voice. VoxEQ serves top financial institutions and other commerce and customer focused companies - leveraging and blending best in class voice signal processing with AI/ML, VoxEQ analyzes subtle factors in the voice that provide clues to a person’s physiology, health and well-being that transcend a voiceprint. For more information visit voxeq.ai
Contact:
Jack Caven
CEO VoxEQ
About GOVO Venture Partners
GOVO Venture Partners is a Winter Park, Florida based company. GOVO Fund I is a venture fund that invests, seed round through series A, in early-stage companies for which doing business with government or navigating government regulations is an important success factor.
About Carnegie Foundry
Carnegie Foundry is a unique Robotics and AI venture studio, headquartered in Pittsburgh, PA. Backed by investment from Oshkosh Corporation (NYSE: OSK) and US Steel Corporation (NYSE: X) and in conjunction with the world leader in autonomous robotics and AI - the National Robotics Engineering Center (NREC) at Carnegie Mellon University – we develop, mature and commercialize cutting-edge intellectual property and advanced prototypes, already market tested and primed for new and expanded applications. For more information visit carnegiefoundry.com.