In January this year, Satvik Jagannath, co-founder and chief executive of Vitra.ai, a four-month-old deep-tech startup that helps translate videos in multiple languages, virtually showcased its product to more than 500 investors, corporate houses, angels, and family offices.
On the pitch day, organized by Mumbai-based micro VC fund 100X.VC, Jagannath said Vitra.ai can translate an hour-long video in 50 languages with voice and lip-sync in just 15 minutes while making the process 96% cheaper.
Vitra.ai, which addresses the USD 56 billion language translation market globally, is a part of the third batch of startups that were seed-funded by 100X.VC earlier this year. Nine out of 10 startups of this batch are close to raising their next round of funding, as per 100X.VC.
Jagannath and his co-founder Akash Nidhi P S are not alone to get backing from a micro VC that is enabling them to connect with bigger VC firms.
A growing number of idea-stage startups are finding mentors and first investors in micro VC funds that have bloomed over the last few years. According to a recent report by the Indian Private Equity and Venture Capital Association (IVCA), Amazon Web Services, and Praxis Global Alliance, the number of micro VC funds has increased to 88 in 2020 from nimble 29 in 2014 in the world’s third-largest startup ecosystem.
Read more at: The rise of micro venture capital funds in India