NewsBytes, a news portal that cuts through the clutter and shares information as it is meant to be consumed, raises $1 million in Pre-Series A funding from Germany-based MM Inno GmbH, an early-stage investment company of Mueller Medien, and US-based Powerhouse Ventures with participation from Mumbai Angels Network (MA Network) and other investors.
The Delhi based start-up was founded by Shikha Chaudhry, an alumni from Cornell University, Sumedh Chaudhry of IIM Ahmedabad and IIT Roorkee, and Romesh Khaddarof IIT Guwahati, to share stories in a precise way reducing information overload from everyday news. The portal generates content using Artificial Intelligence, from their proprietary AI engine called Yantra, and Machine Learning algorithms through a ‘Question-Answer’ system. They also recently launched a Natural Language Generation based engine, which has the capability to convert raw numerical data into text-based articles. The company has an engineering-centric approach towards content creation, with a team comprising of engineers, designers, content writers and marketing specialists.
Newsbytes, incubated by GSF Accelerator, raised a previous angel investment round from the MA Network with key investors Mridul Upreti and Anuj Munot.
On the fund raise, Sumedh Chaudhry, Co-founder, NewsBytes, said, “We are excited to be partnering with MA Network again. NewsBytes will be using the funding to expand its technology team, support its growing footprint, establish Hindi and other vernacular desks, as well as general operational expenses.”
“We are thrilled one of our portfolio companies has raised another round and that we able to continue supporting them. Digital technology has dramatically changed the way we consume, and create news and information. Tech innovations are having an impact on our evolving news habits. It’ll be very interesting to receive a personalized news feed of articles, videos, and other content based on Newsbytes Artificial Intelligence and Machine Learning system. As a nation we generate and consume news across different regional languages which will be further customized through their platform.” said The MA Network CEO & MD, Nandini Mansinghka.