A Slovenian machine translation platform TAIA has raised €1.2 million seed funding from the venture capital fund Fil Rouge Capital. The company has received €1.4 million to date and will use the latest investment to fuel its expansion in Western Europe and the US, and further develop the platform.
Launched in 2018, TAIA is a one-stop-shop platform that helps businesses easily manage their translation needs. The company’s proprietary technology automatically translates content in a matter of minutes. Users track the process from a dashboard where they can also involve human professionals to fine-tune the texts and include any locally distinct language elements. “Users get the best of both worlds – in only a couple of clicks. There are no emails involved, quotes are instant, and the files are kept encrypted in the platform”, Marko Hozjan, co-founder and CEO of TAIA, explains.
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% as already translated content is billed only once.
TAIA also enables users to upload files and receive translations in their original format. Currently, the platform supports 65 different file types, including websites and catalogues.
From late 2018 up to now, TAIA has been used by over 1800 users, collectively translating more than 15 million words. The company’s client base includes international corporations, such as Red Bull, 3M, Hervis and Müller, among others.
“At the moment, translation is not automated and, therefore, not scalable. TAIA tackles this issue by rendering translation scalable”, says Stevica Kuharski, Principal at Fill Rouge Capital. “We think there is a void between broken “old school” translation agencies and Google Translate. TAIA is perfectly positioned to fill that void”, he adds.
“We see two trends that are creating ever-greater demand for machine translation. One is the need for content localization as 75% 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. By combining both elements, TAIA provides companies with an out-and-out solution for faster and cheaper expansion to foreign markets”, says Co-founder Hozjan.