Devnagri, an Indian language translation engine focused on B2B, raised $ 600,000 from Venture Catalyst, Inflection Point Ventures and other co-investors as part of Seed Round.
The seed funding round will be used to strengthen its technology and expand its operations to help B2B industries create more vernacular content for end users.
Co-investors who participated in the financing include Mitesh Shah (IPV-First Port Capital), Rohit Chanana (Sarcha Advisors), Nimesh Kampani (Trica), Sameer Karulkar (Coverpage Ventures Advisory LLP), Prashant Sharma (Facebook, Country Lead – Video), Karan Bhagi (HUL, GM – eCommerce) & Deepak Sharma (CDO – Kotak Bank).
Created by Nakul Kundra and Himanshu Sharma, Devnagri was created with the vision to make the Internet accessible to 90% of Indians and to solve the problem of “lack of content in Indian languages” with the help of technology.
How it works
The platform combines neural machine translation with machine learning and a community to fuel translations. Its AI-human combination can help businesses scale their operations anytime, in any language with up to 50% cost reduction, real-time delivery tracking with 80% reduction in time translation process and 5 times faster than professional translation, according to a press release.
Devnagri organizes the operation of the translation industry and enables faster and on-time translation by using the AI-powered workflow to increase the efficiency and accuracy of the translation process.
A business started up to date, Devnagri is currently focusing on the electronics technology industry, solving various use cases. With the latest injection of funds, the company intends to increase its accuracy in machine translation and expand its operations to target businesses in industries like e-commerce, BFSI, and publishers that depend on vernacular growth. .
Nakul Kundra, Founder of Devnagri said: âThere is a great need for Indian language content available on the internet which helps Indians to use technology (be it entertainment, news, education , films, etc.) in their respective fields. Tongue. With our current funding cycle, we intend to expand our operations to tap B2B clients and enable them to create more local content (in Indian language) to reach end users in Tier II and Tier III cities. .
Dr Apoorva Ranjan Sharma, President and Co-Founder of Venture Catalysts, said: “The size of India’s vernacular and translation market is worth $ 53 billion, which currently includes the Ed-Tech, E-Commerce, Publishing and OTT industries. With 100 crore of Indians from Tier II and III cities expected to join the internet (due to smartphones and affordable data), the availability of content in Indian languages ââis only 0.1% and less than 10% of Indians speak English.
Mitesh Shah, co-founder of Inflection Point Ventures, said: âIndian languages ââare absent from the Internet. Over the past 10 years, many websites have started offering multilingual options to non-English speaking users, but it is still not enough. Devnagri has developed a model, which can expand efforts to put Indian languages ââon the internet map. Their application of ML and Neural Machine Translation will help companies use contextualized translation. We believe it would be a game changer in Indian languages ââon the internet with relevant use cases.
âToday India has a digital ecosystem that includes nearly a billion people and is being created on a scale unprecedented in the world. We need to reach the last mile / last consumer of the internet in their language so they can harness its power, âadded co-founder Himanshu Sharma.
Currently with more than 5,000 translators, Devnagri has a large and ever-growing community focused on scalability, cost savings and satisfaction in its catering businesses, he said.
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Posted on: Tuesday October 19, 2021 7:04 PM IST