1 year ago
November 5, 2020
Lingvanex Reaches 2M Daily Translations, Seeks Capital to Fuel Growth
The story of Lingvanex began in 2016, it was a set of mobile applications for text and voice translation. Once we reached the first millions of downloads we decided to reinvest all proceeds into development so we could create translation solutions for business.
We started researching the topic of neural networks used for natural language processing tasks. In the first year the Lingvanex team designed a platform to handle the full cycle of custom model production, starting from parsing and filtering data to deploying the model on the server and testing. The large set of features to work with parallel and monolingual data, custom dictionaries, neural network tuning and GPU servers helped us make a huge leap in performance and quality.
Over the last three years we have invested more than $700,000 in machine translation research and now we have solutions for 108 languages as on-premise, cloud or SDK versions. Our business aims to deliver simple integration, privacy, customization, and the best service with outstanding value. Lingvanex’s solutions can be used to translate text, voice, text on images (OCR), documents and phone calls, as well as custom models that can be integrated in vertical industries. The solutions can be deployed on mobile, desktop, wearable and enterprise platforms.
With the head office in Cyprus (Europe). At least a half of the Lingvanex 14-strong team are top grade technology professionals with 10-15 years on average of tech experience.. The sales and business tasks are managed by a cofounder, who also manages the LSP company.
Our products received awards at business events and were featured in renowned media outlets such as Mashable and New York Post. Our solution for phone calls translation received the product of the week award on Product Hunt. Lingvanex was featured by Slack as a translation solution for distributed teams.
Our user base reached 350 000 free monthly users who perform 2 million translations daily. We’re seeking money to hire more engineers and update our infrastructure to process up to 1000 translations per second so we can connect more business customers to our API and provide paid services. The user base grows by 20% a month. Our commercial user base of 2000 users is to generate us around $300,000 in revenue in 2020, and is on track to grow tenfold next year. Most of our paying customers are located in the US, Japan, China, Korea and Europe.
We are seeking a seed round of $1M to continue expanding in B2B market, to make sure we deliver and outperform the market amid the massive usage growth. We’d prefer investors who understand the translation market, its trends and rules. We are seeking a long-term cooperation that would be beneficial for all sides.
For more information you can contact the CEO of a company Aliaksei Rudak (firstname.lastname@example.org)
Learn more about us at https://lingvanex.com/