News Column

Inventus Capital, Others Invest In Avaz

April 30, 2014

Avaz, a speech therapy app developed by Chennai based Invention Labs has secured $550K in seed round from @Inventus, @Mumbai_Angels along with the participation from other angels like Google India MD, Rajan Anandan and Sierra Atlantic founder, Raju Reddy.

Proceeds from the latest round will be used to expand its footprint into overseas areas and also to come up with more advanced app by adding new features into it.

Founded by Ajit Narayan in 2007, Invention labs offers Avaz an app which helps autistic children to learn language, communicate, and express themselves socially, in spite of their disability.

Incubated at IIT Madras, Avaz is a picture-based communication tool that helps autistic children use their picture identification skill to create picture messages, which are then spoken out by a speech engine.

The app also has an integrated keyboard which allows the child to alternate between selecting pictures and typing text. The app is already popular across the US, Denmark, Australia, India and Italy in languages like Italian and Dansk. Invention Labs is also working on other technologies which will enable personalised therapy based on data analysis.

Inventus Capital is based out of Bangalore and California and typically leads the first venture round with $1M to $2M and invest up to $10M as businesses grow. Its investee companies include Savaari car rental, Insta Health, TeliBrahma, Power2SME are among others.

Prior to this investment, Mumbai Angels along with Inventus Capital partners had invested $2 Mn in eDreams Edusoft, an education technology company in Bangalore.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: DealCurry (India)

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