China-based language translation software developer New Tranx Information Technology has secured RMB50m ($7.5m) in a seed round backed by digital forensics and cybersecurity technology provider Meiya Pico, China Money Network reported yesterday.
The round included Shenzhen Leaguer Venture Capital, a venture capital firm majority owned by Research Institute of Tsinghua University, as well as investment firm Kaitai Capital and investment banking firm Bojiang Capital Management Group.
Meiya Pico participated through Meiya Qianhai Wutong Investment, a joint vehicle run in partnership with investment firm Qianhai Wutong Mergers and Acquisitions Funds.
Founded in 2014, New Tranx uses artificial intelligence and big data to offer instant translation and web portal localisation services. The platform has indexed Chinese-to-English translations of 570 million sentences into 25 categories.
New Tranx generates much of its cash flow from customised data and search engines, including some designed for corporate clients such as state-owned train manufacturing yard China Railway Construction and consumer healthcare brand developer Johnson & Johnson.