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Oct 29, 2020 18:19 EEST
October 29 (SeeNews) - Slovenian machine translation platform TAIA said on Thursday it raised 1.2 million euro ($1.4 million) in seed funding from Croatian venture capital fund Fil Rouge Capital (FRC).
TAIA will use the latest investment to fuel its expansion in Western Europe and the U.S., as well as to further develop the platform, aiming to fill the void between translation agencies and Google Translate, the company said in an emailed statement.
"We see two trends that are creating ever-greater demand for machine translation. One is the need for content localization as 75 percent of consumers prefer making purchases in their language. And second, the advancements in AI technology have opened new ways to make translation processes more efficient,” TAIA's co-founder and CEO, Marko Hozjan, said in the statement.
Launched in late 2018, TAIA has received total funding of 1.4 million euro to date, and has over 1,800 registered users, the statement read.
The platform acts as a one-stop-shop, automatically translating content in a matter of minutes, with users tracking the process from a dashboard where they can also involve human professionals to fine-tune the texts.
"In comparison to other machine translation providers, including Google Translate, TAIA uses its own translation memory technology that logs the history of translated content for each user. This means that frequent users receive ever-more personalized translations with discounts of up to 50 percent as already translated content is billed only once," the statement noted.
TAIA also enables users to upload files and receive translations in their original format. It supports 65 different file types at present, including websites and catalogues.
Its clients includes international corporations, such as Red Bull, 3M, Hervis and Muller, among others.
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