Series B funding powers APAC expansion for Hong Kong language AI startup Fano Labs
The Hong Kong-based company Fano Labs, which offers artificial intelligence (AI) solutions for performance language, announced on Thursday that its Series B round had closed successfully.
The investment round was led by Southeast Asian venture capital firm Openspace Ventures, with participation from HSBC, Greater Good Investment, Mr. and Mrs. Kenneth Lo’s family office, and current shareholders, according to a statement from Fano Labs.
With the help of this additional funding, Fano Labs will open an office in Singapore, which will act as a hub for clients from around the world, and increase its market presence.
The product will also receive additional funding for development, with an emphasis on expanding its suite of large language model (LLM) products and adding more languages from the Asia-Pacific region.
Fano Labs stated that it is in a strong position to expand into new international markets and carry on its innovative journey, securing the most recent funding and advancing its position as a global leader in language AI research and technology.
“We are thrilled to receive strong support from Openspace Ventures, HSBC, and Greater Good Investment, which will fuel our expansion into the dynamic APAC market,
“By establishing our office in Singapore and leveraging our expertise in multilingual and mixed-language speech recognition, we are well-positioned to drive innovation and deliver impactful solutions that address the evolving needs of our customers in the APAC region,” said Dr. Miles Wen, the Co-founder and Chief Executive Officer of Fano Labs.
Fano Labs is a performance language solutions provider that leverages artificial intelligence (AI) to create specialized voice biometrics, speech synthesis, automatic speech recognition, speaker diarization, and natural language processing technologies for use by public and enterprise sectors.
HSBC, Citibank, DBS Hong Kong, Hang Seng Bank, The Bank of East Asia, Cathay, and China Mobile Hong Kong are just a few of the major clients the company has secured since its founding in 2015 as a spin-off from the University of Hong Kong and with support from the Hong Kong Science and Technology Parks Corporation.
“Fano Labs’ dedication to innovation and its proven track record in the AI space make them an exciting investment opportunity,
“We believe that Fano’s expansion into the APAC market will unlock new avenues for growth and reinforce its position as a leader in the industry,” said Jessica Huang Pouleur, Partner, Openspace Ventures.
