A $1.5 million seed and funding round led by Informed Ventures has been successfully raised by Bluente, an artificial intelligence (AI) translation platform based in Singapore.
In a statement released last Thursday, the firm stated that it intends to accelerate growth now that it has established a strong product-market fit in the global legal market.
With the continued acceleration of cross-border communication, the $1.5 million investment will support its geographic expansion.
The Middle East, the larger Asia Pacific (APAC) markets, and the US are the three main areas it plans to expand into.
“These regions have the highest concentration of international firms and users dealing with cross-border transactions,
“They’re also markets where our multilingual capabilities, especially in Arabic and Asian languages, provide the strongest competitive advantage,” said Daphne Tay, founder of Bluente.
Although Bluente’s product is currently sold all over the world, the funding will allow for greater market penetration in these important areas.
In addition to positioning Bluente for faster growth, this seed plus round keeps the precision and dependability that have drawn in its current clientele.
Capital and strategic knowledge from investors who are aware of the market issues Bluente faces are provided by the collaboration with Informed Ventures.
“Bluente is solving a massive pain point for global users and enterprises – the need for instant, cost efficient, ready-to-use translation without the manual formatting,
“We’re confident in their ability to capture and grow this under-served market and look forward to supporting their expansion into new sectors and geographies.” said Richard Lim, founder and Managing Director of Informed Ventures.
Bluente is an AI-powered platform that is used by multinational corporations to provide a one-click solution that accurately converts texts, images, numbers, and units while maintaining the documents’ formatting when translating to and from more than 120 languages.
The market for document translation is estimated to be worth over $40 billion worldwide and is projected to expand at a compound annual growth rate (CAGR) of 6.2 percent between 2024 and 2030.
The firm believes that the need for accurate, scalable, and efficient translation services is greater than ever before due to the growing globalization of legal and business operations.
The urgent need for the company’s tools is further supported by a recent Microsoft research article that found translators are the job most likely to be disrupted by AI.
“Bluente is setting the standard for how global enterprises translate and manage documents,
“We knew we were on to something when we were getting a lot of interest from the legal community, with multiple people asking for immediate access or saying that they could have saved significant time and cost if they had our solution earlier,” said Tay.
