Today, with even the smallest enterprise potentially serving a global client base, the need to communicate across languages and cultures is growing rapidly. However, cross-context communication is hard and costly. Unless great care is taken, many things can be lost in translation due to translation errors and/or differing interpretations of even correctly translated communications.
The costs of translation failures are often more than just financial. Miscommunication can lead to loss of reputation, legal exposure, physical harm, or even industrial disasters. For this reason, clear, accurate and effective communication – between cultures, languages, disciplines, and industries – is an increasing priority.
In response, many companies spend significant resources to ensure accurate communication within their networks of diverse trading partners: agents, partners, customers, and government agencies. Translation as a Service (TaaS) echoes of technologies and processes that adapt products and services for use in and by specific countries, regions, or groups. It is often a highly complex and expensive process that includes translating text and audio material, modifying documents and software to reflect localized conventions.
Language Services have been around for a long period of time, and the providers for these services are companies that offer varying degrees of service: transcription, translation and interpretation, dubbing, language courses, language assessment, language technologies and more. Within language services, Translation and Interpretation services can be defined as the facilitation of communication between uses of different languages, encompassing both spoken as well as signed communication.
As more and more companies make their services available through the Internet, the need for the translation of websites and web content has also grown. The growing demand for voice-based content is seen as an important driver for these services. Global market for outsourced translation and interpreting services and technology was valued at USD 46.52 Billion in 2018 and is projected to reach USD 56.28 Billion by 2021, growing at a CAGR of 7.99%.
Businesses seek translation services in order to serve their customers and keep up with their demands. With growing customer outreach, the scope of translation services is growing in order to fulfil the needs of the customers based on their preferences of language.
Growing engagements of local markets into businesses have also resulted in the growing demand for translation services. BRICS countries, mostly Brazil, India, and China have emerged as economic powerhouses. These emerging countries provide a huge opportunity to international businesses, which has resulted in the growth of several translation service providers here.
The Vitra.ai Thesis:
Vitra.ai came to exist when Co-Founders Satvik and Akash were toying around with a bunch of different ideas. “Vitra.ai just seemed to check all the boxes,” Satvik reasoned for picking Vitra.ai over all others. Vitra.ai aims to translate videos to 50+ languages in 1-click. Their solution to an ever present, but now growing problem is a simple 2-step solution. Simply upload the video you want to translate and have it ready to go in 5 minutes. Vitra.ai’s proprietary translation software enables context aware translation in 1300+ voices with background music retention, time and pauses synchronization with lip sync manipulation.
Vitra.ai is not just the first to market, but it’s also the only player in this potentially ever-growing market. The existing solutions are manual translation services and subtitle addition services which are expensive and extremely time consuming. Vitra.ai undercuts all these said “competitors” by being 100 times faster and 96% cheaper with near 100% accuracy.
Charged on a monthly subscription basis, Vitra.ai offers 3 pricing plans, targeting a beachhead market of Ed-Tech companies, Course content creators, TV media companies, Digital media companies, Instagram and YouTube influencers.
Reaching the world with your content has never been easier, cheaper and faster.
Satvik and Akash, bench-mates since way before college, had been working on the idea for countless days and developing a remarkable product, when they approached us for funding. Vitra.ai is on the way to becoming one of the biggest players with the growth they have shown since inception. With much more exciting products in the pipeline, and some of the most talented and passionate founders, 100X.VC wishes them a path of exponential growth.