Mihup Expands Automotive Footprint with AI-driven Voice Solutions

A Kolkata-based Innovator Seeks to Transform In-Car Assistants

Kolkata-based conversational intelligence firm Mihup announced on Wednesday that it is in advanced discussions with one of India’s leading passenger automobile manufacturers to integrate its in-car virtual assistant. This follows the company’s successful partnership with Tata Motors.

Having raised Rs 100 crore in venture funding, including Rs 50 crore in October last year, Mihup is preparing an initial public offering (IPO) within the next two years, as shared by Co-founder and CEO Tapan Barman during an interview with PTI.

Mihup’s voice assistant, which replaced a global competitor’s solution in Tata Motors’ vehicles in 2021, is currently in use in over one million cars. The company is optimistic about rapid growth with new original equipment manufacturers (OEMs), according to their official claims.

Strengthening Industry Presence

The upcoming deal with another top passenger car maker is expected to solidify Mihup’s position in the automotive sector. “I cannot divulge the OEM now due to confidentiality, but it is one of the largest car makers in India,” Barman stated.

Innovative Technology for Diverse Languages

Mihup aims to enhance its proprietary AI-driven voice solutions, which can handle multilingual and vernacular language commands. This initiative strives to make technology more accessible to Indian consumers and clients worldwide.

“Our technology is designed to understand and respond to multiple Indian languages and dialects of each language. For instance, in Hindi, it supports all regional variations. This adaptability gives us a strong competitive advantage over global competition,” Barman explained.

Advanced AI Features

The firm has developed an in-house generic large language model (LLM), automatic speech recognition (ASR) engine, text-to-speech system, and noise suppression technology tailored for its specific applications.

Expansion Beyond Automotive

Beyond the automotive industry, Mihup is venturing into the Banking, Financial Services, and Insurance (BFSI) and customer service sectors. The company is deploying AI-driven solutions for call center analytics and agent support.

Its proprietary platform analyzes customer-agent interactions in real time, optimizing renewal rates for insurance companies and automating post-call documentation, leading to enhanced operational efficiency.

Future Aspirations and Global Markets

While Barman refrained from disclosing exact revenue figures or profitability, he asserted that the company is experiencing rapid growth. Mihup is also eyeing opportunities in international markets after some consolidation in the domestic landscape.

Mihup plans to incorporate additional languages, such as US and UK English, Portuguese, Arabic, and German, to better compete against major international players in the conversational AI space.

Market Challenges Ahead

As the firm prepares for expansion, analysts at a brokerage firm have suggested that product solution companies, like Mihup, are likely to attract high valuations. However, they also noted that technology firms face substantial risks related to business model valuations given the unpredictable disruption lifecycle amid rapid advancements in artificial intelligence.

Conclusion

Mihup’s ongoing innovations and partnerships signal a promising future in conversational AI, particularly in the automotive sector. With its commitment to multilingual support and expansion into various industries, the company is poised to reshape how we interact with technology.