Reverie has raised an amount of $4 million in Series A funding from Aspada and Qualcomm Ventures.
Reverie is a local language tech company which provides language-as-a-service platform with tools, technologies, and entire ecosystems to help build local language equivalents of English language businesses and initiatives. Its flagship product, the Reverie Language Gateway helps businesses go multilingual.
As per the deal, Sahil Kini, Vice President of Aspada will be join Reverie’s board as it looks to increase its presence in the consumer Internet, financial services, government, and enterprise software verticals after this round of financing. Raised amount will also be used to build and grow its sales and marketing prowess in geographies such as the Middle East and South East Asia. It also aims to expand its language platform to over 10,000 local language app developers over the next 12 to 18 months.
Bangalore based company provides real time services which operates across multiple channels such as apps and portals. It has a cross language search and a multilingual interaction which gives complete experience of for all local languages.
Arvind Pani, Co-founder and CEO, Reverie said, “Over 800 million Indians, representing more than 10% of the globe, are literate but not in English. Yet their languages form less than 0.02% of all content on the Web. Compare this number with the less than 100 million Indian users who transact in English. This is a market waiting to happen, provided it happens in local languages, with quality of experience as easy and delightful as it is with English. Businesses can see a 10x growth in multilingual and diverse markets such as India.”.
The company was founded in 2010 by Sachindra K Mohanty, Vivekananda Pani, Arvind Pani. Reverie Language Gateway is used in the consumer Internet space (online retail, eCommerce marketplaces, travel, social media and messaging, vehicles for hire etc), banks and financial services, e-governance and more.
Over 800 million Indians, representing more than 10% of the globe, are literate but not in English. Yet their languages form less than 0.02% of all content on the Web. Less than 100 million Indian users transact in English. This is a market with immense potential. Businesses can experience a 10x growth in multilingual and diverse markets such as India. Newshunt is another application that provides news in localized languages (12 languages and covers 100+ regional publications.) thereby making the experience easy and friendly for the user. Recently, YourStory also raised funding to help develop a technology that will provide content in localized languages.