Exclusive: Process9 raises pre-Series A funding
Gurgaon-based Process Nine Technologies Pvt Ltd, which offers online translation and transliteration from English to Indian languages via a cloud-based application programming interface (API), has raised an undisclosed amount in a pre-Series A round of funding, its co-founder told Techcircle.in.
The funds will be used for product and technology enhancement. The company is looking to raise a Series A founding round in six months, according to co-founder Rakesh Kapoor.
The firm was founded by Rakesh Kapoor, Vidushi Kapoor and Devendra Joshi. They have been involved in development of fonts, spell checks and transliteration for Indian languages for over two decades.
"One of the objects for raising the money is to go global with our technology. We are targeting Asian countries first, as they are multi-lingual in nature where there is a greater need for translation," said Rakesh Kapoor.
The startup's software enables translation and transliteration across nine Indian languages and text-entry solutions in 21 Indian languages, to help businesses reach more consumers. It can be used on mobile devices, websites, apps and other content.
It claims to have Jeevansathi, Bookmyshow, Boonbox and Voonik, among others, as clients.
In March 2015, the company had raised an undisclosed amount of funding in a round led by IAN and Alok Sharma, CEO of Nature Eco Ventures, which also saw participation from Kris Gopalakrishnan and Ajai Chowdhry.
Technology with an emphasis on regional languages has been attracting a lot of investor interest of late. In January this year, Mumbai-based OSLabs Technology India Pvt Ltd, which runs regional language mobile operating system Indus OS, raised $5 million (around Rs 34 crore) in funding from investors led by Omidyar Network.
IAN has made 11 deals in the year so far. A day before, it invested an undisclosed amount in Transcell Biologics Pvt Ltd, a Hyderabad-based stem cell research firm. Recently, it also invested $300,000 (around Rs 2 crore) in Chennai-based SP Robotics Works Pvt Ltd. Prior to that, it invested an undisclosed amount in Bangalore-based on-demand two-wheeler servicing startup DrivoJoy.