(Yicai Global) Oct. 31 -- New Tranx Information Technology (Beijing) Co. (New Tranx) obtained USD7.57 million (CNY50 million) in Pre-A round financing, with the proceeds to mainly go to market expansion, the introduction of high-caliber talent, investment in hardware resources and the construction of research institutes.
New Tranx completed its angel financing in October last year and its Pre-A round financing proceedings are also now all fully in the bag.
Established in 2014, New Tranx is a high-tech company that provides internet and mobile internet services and applications by using artificial intelligence (AI) and Big Data technologies. New Tranx bases itself on five leading core technologies, including smart translation, language assets, aided translation, retrieval and speech recognition, and it has dished out a host of translation-related products and services, such as online smart translation and online aided translation and internet language service platforms.
Products and services New Tranx now has on offer span a wide array of 37 mainstream languages, including Estonian, Bulgarian, Hungarian, Turkish, Italian, English, Russian and Chinese.
The worldwide translation industry had a market size of USD37.2 billion in 2014, up by 6 annual percent points, and this figure is anticipated to reach about USD53 billion in 2020.