IIFL Fintech Fund – backed by diversified financial services conglomerate IIFL Group – has made its first investment in a generative AI startup – Vitra.ai, a firm specialising in advanced language translation solutions powered by Generative AI. IIFL Fintech Fund has picked up a 10% stake in Vitra.ai for an undisclosed amount.
Vitra.ai has a patented technology model that helps revolutionise the way language translation is approached and delivered on a global scale. This investment will support the company in further developing its Generative AI technology.
“Generative AI represents a transformative opportunity to push the boundaries of what’s possible and create solutions that are not only efficient but also deeply intelligent and adaptive,” said Mehekka Oberoi, fund manager, IIFL Fintech Fund. “Language translation for all marketing content is becoming the need of the hour to reach out to all customers. Vitra’s solution enables this connect seamlessly and in a click”
Company has a complete product suite to translate videos, images and websites to 75+ languages with 1-click.
Vitra’s Generative AI technology offers advanced algorithms that grasp and translate complex meanings, idiomatic expressions, and cultural nuances, ensuring translations are both accurate and contextually appropriate.
It also offers instantaneous translation for both text, speech, video and audio facilitating seamless communication
The global language services market is vast and offers a lot of growth potential. Currently, the language translation segment alone is worth $20 billion to $25 billion.
Generative AI language translation is growing as 25-30% CAGR and is expected to be the fastest growing sub-segment in this industry.
The translation aims to provide fast, accurate, and cost-effective translations, making communication easier in a globally connected world. Vitra.ai is already working with large Indian companies like IIFL, HDFC Bank, ICICI Bank, Bajaj Finserv, Swiggy, Zepto etc. for their language translation needs.
“IIFL’s investment is a testament to the value and potential of our Generative AI technology,” said Satvik Jagannath, Founder, Vitra.ai. “With the new funding round, we are poised to advance our capabilities and deliver innovative solutions that bridge language barriers more effectively than ever before. Our technology will connect with customers globally.”
