Beijing-based AI powered translation service New Trnax has raised a $7.5 million in a Series A round while Shenzhen-based English language learning platform Acadsoc has secured a $15 million Series B+.
AI-led translation platform New Tranx raises pre Series A
Beijing based artificial intelligence powered startup, New Tranx Information Technology (Beijing) Co, has raised a $7.5-million pre Series A capital from Kaitai Capital, Bojiang Capital Management Group and other investors.
Other participants include Meiya Qianhai Wutong Investment, a joint venture between Chinese digital forensics and cyber security company Meiya Pico and Qianhai Mergers and Acquisition Fund, and Leaguer Group Co., Ltd., a venture capital vehicle under the Research Institute of Tsinghua University in Shenzhen, the China Money Network reported.
New Tranx, founded in 2014 by Chinese scientists, is an instant online translation, inclusive of localization services for web portals. It is capable of translating 37 languages and has categorized 570 million Chinese-English sentences for better quality.
The startup will be making a certain level of positive contribution towards the global translation industry estimated to be worth $40 billion and even reaching $45 billion by 2020.
English language learning platform Acadsoc gets $15m Series B+
IDG Capital, an investment firm from China focusing on early to growth stage companies in the tech space, also participated in the funding round.
The platform provides courses on English language to primary, middle school and other language related examinations like BEC, IELTS, TOEFL. The platform mainly caters to Chinese students.
With presence in China, Hong Kong, Manila, London and New York, it has over 1500 employees providing tutoring services.
Prior to the latest funding round, Acadsoc got $4.7 million Series A from Ginkgo, a Chinese venture capital.