In order to grow your business globally, focusing on localisation is imperative. Linguistics is a key aspect to attain true localisation so that your products/services can adapt to the local market and be accepted by the local population. This is where professional translation services can help.
According to a report, the Translation Services Market was valued at $39.61B (approx €33.48B) in 2019 and is projected to reach $46.21B (approx €39.05B) by 2027, growing at a CAGR of 2.1% from 2020 to 2027.
Recently, a Slovenia-based online translation platform TAIA has raised €1.2M in a fresh round of funding from Fil Rouge Capital, a European VC fund.
According to the company, this is one of the biggest investments in tech companies in Slovenia this year.
The raised capital will be used to boost TAIA’s presence on foreign markets and further development of the deep learning algorithms.
About TAIA
TAIA’s story started in 2015 when Marko Hozjan and Matija Kovac – founders of the ‘Language Academy’ with ten branches in Slovenia – realised that existing translation agencies were not fulfilling the needs of the business market.
The founders looked at it as an opportunity and after two years of research and development founded TAIA Translations in 2017. TAIA is a modern translation platform that helps companies translate their documents, websites, and other content with AI-assisted translations.
According to the company, the platform adapts the efficiency of neural language networks (NLN) and combines it with an expert team of translators, ensuring the translation to be accurate and of high quality. Hozjan, TAIA co-founder and director, says that this interface method speeds up translation and makes it cheaper by up to 50%.
TAIA is marketed as a bridge between translation agencies and free web translators. It claims that clients can obtain a quote for a translation job within seconds and then use one click to have the machine translation edited by a human translator.
Part of the TAIA platform is TAIAcat, a tool that’s currently still in development and will, later on, help translators. The company is in the process to release a closed beta version of the same.
According to the company, TAIAcat is a cloud-based tool with Neural machine translation (NMT) pre-translations, translation memory management, and a few other features that will be available to the public in the near future.
In a blog post, the company says, “We believe that introducing a new SaaS product to the market will definitely open countless new opportunities. For now, we’ve estimated to dedicate 30% of the startup investment into further software development of the platform. The other 70% are specifically intended for the growth of TAIA. A startup investment like the one we’ve received can really move the needle for our company.”
Since its inception, TAIA has translated over 15 million words and has been used by over 1,800 users, including major companies like Red Bull, Hervis, and 3M among others. The company currently has 16 employees and is planning to hire five more, primarily developers and digital marketing experts.
Image credit: TAIA
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