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[January 15, 2014]
LinguaNext Secures Funding From Helion Venture [DealCurry (India)]
(DealCurry (India) Via Acquire Media NewsEdge) Translation software provider LinguaNext Technologies has raised an undisclosed amount from Helion Venture Partners, says ET. The funds will be used to expand in international markets, hire talent and scale up its mobile platform.Pune-based LinguaNext founded by Rajeevlochan Phadke, enables enterprise applications to be localised into multiple languages without making any changes to the application code or database. It provides this technology to customers like SBI, Punjab National and German Software maker SAP. The company aims to expand in the US and Japanese markets along with increasing its growth rate in India.The company offers 18 Indian and 15 foreign languages, including Chinese, Japanese, Korean, Arabic and European, and offers its services to 60 large customers. It expects to touch the revenues to R200 Cr in next three years from current R20 Cr.In 2010, LinguaNext had acquired Image Point Technolgies Pvt. Ltd.Helion Venture Partners, a $605 Mn venture fund has earlier made investments in companies such as Mygola.com, MakeMyTrip and redBus.inAccording to Translation Software Review, the top translation software currently available are Power Translator, Promt, Systran, Translate Personal, Babylon, Translution, Ace Translator, LingvoSoft Translator, and IdiomaX.The language translation software market markets at $1.6 Bn in 2012 are anticipated to grow to $6.9 Bn by-2019.As the enterprises achieve a global presence in different countries, there is a need of automated software translation to achieve a global footprint and achieve localization in the places they expect to do business.
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