Modulate raises $25M to grow AI voice analysis and compliance platform

Modulate, a Boston-based voice intelligence startup, has raised $25 million in new funding led by Future Ventures, with participation from Hyperplane and Lakestar. According to PitchBook data, the company had previously raised $41 million at a $170 million valuation before this round. The funds will support its multi-model platform for voice transcription, emotion analysis, deepfake and AI music detection, and compliance for voice agents.

Founded in 2017 by Mike Pappas and Carter Huffman, who met as MIT physics undergraduates, Modulate initially focused on voice modulation for gaming before shifting to voice-based moderation tools. The company now specializes in detecting AI-generated audio and analyzing the intent behind spoken conversations.

Modulate runs more than 100 models split into two categories: signal extraction models that interpret vocal emotion, tone, language, and synthetic voice, and analysis/detection models that assess intent, rule violations, and potential scams. The company says its use of smaller models avoids the need for specialized hardware and heavy compute.

Its customers include call centers and other organizations that need deepfake detection and compliance monitoring for AI voice agents. The technology is also used to monitor voice-call cyberattacks. Modulate currently employs 40 to 45 people and plans to add around 10 more in the coming months while expanding on-premises and on-device deployment for greater privacy.