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 Vestecs Advisory Board and will help guide Vestecs 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, Vestecs primary Founder and CEO. We are looking forward to leveraging Prince Mishaals deep expertise and strong relationships to facilitate Vestecs 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 Canadas famed University of Waterloo under the chairmanship of Dr. Fakhri Karray, a renowned expert in the field of computational intelligence at Canadas 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, Vestecs cutting-edge Artificial Intelligence-based approach significantly reduces time-to-market while increasing semantic accuracy.

About Prince Mishaal bin Abdullah bin Turki bin Abdulaziz Al-Saud:

Prince Mishaal is the Executive Chairman of ZAD Investment Company, a privately controlled family investment vehicle with over a billion dollars in investments worldwide. He has been a professional investor for over 25 years and has executed major transactions in a variety of industries and asset classes. He is also a Senior Advisor to the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia. Prince Mishaal is the second child of Prince Abdullah bin Turki bin Abdulaziz Al-Saud and resides in Saudi Arabia. He holds a Masters degree from the University of Southern California and a PhD in Government from Claremont Graduate School in the United States.

About Dr. Fakhri Karray:

Dr. Karray is a world renowned expert in computational intelligence and founded Vestec to commercialize language understanding technologies developed under his supervision at Canadas famed University of Waterloo. He is the University Research Chair Professor in the field of Intelligent Systems at the University of Waterloo as well as the co-Director of the Center for Pattern Analysis and Machine Intelligence (PAMI) Laboratories, a world renowned research center in the field of Intelligent Systems. He has written over 300 scientific papers, holds 14 US patents, has supervised more than seventy Masters, Doctoral and post-Doctoral researchers, and authored a seminal textbook in the field of Soft Computing. He has also chaired numerous international scientific conferences, received several national and international awards for his work in the field of computational intelligence, and advised some of Canadas leading corporations and entrepreneurs on technology development. He holds a PhD in Systems and Control from University of Illinois, Urbana-Champaign in the US as well as a BSc and MSc in Electrical Engineering from University of Tunis in Tunisia. He is a fluent speaker of Arabic, French, and English.

About Waterloo:

Waterloo Region is Canadas 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.

The University of Waterloo plays a pivotal role in fostering cutting-edge research and technological innovation in the Waterloo Region and beyond. It has been ranked as Canadas most innovative university and has the largest co-op program in the world. Its Engineering Faculty and Computer Science and Mathematics departments are among the largest in North America. University professors and students retain all rights to intellectual property developed by them. A quarter of the Canadian IT spinoffs trace their origins to the incubator programs at University of Waterloo.

Contact: Mr. Zuhair Khan, CFO


+81 90 6343 9202

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