Bitext, a market leader in B2B multilingual text analytics, announces the completion of a first Seed Round for $900,000. Inveready leads the operation, with the participation of different business angels. This round will boost Bitext’s international operations to become the world reference in text analytics for Big Data.
Bitext solves the problem of multilingual and multipurpose content access via its Platform for Deep Linguistic Analysis, which outperforms statistical models in multilingual semantic analysis, with documentably the highest accuracy in the market.
Bitext’s technology solves one of the main problems that companies face today: analyzing and understanding the enormous amount of text generated by their customers, employees or competitors, social networks or web.
Bitext classifies these texts by concepts and also accurately determines the tone and intensity of comments, including informal language used in social networks. This technology has many applications that go beyond opinion analysis, such as the detection of early signs of fraud in electronic transactions or the identification credit risk levels.
“Bitext’s engine offers the highest precision in the market; because of its linguistic approach, Bitext can understand text structure and leverage it for extracting insights, rather than using only statistics”, comments Antonio Valderrábanos, CEO and Bitext’s founder.
With reference to Inveready, Valderrábanos adds: “This funding will help us consolidate our presence in different verticals and in the US market, where most of our clients are based now”.
Ignacio Fonts, Inveready’s Managing Partner, notes that "80% of Big Data projects include textual content and its analysis represents a major source of value for companies, but traditional approaches to text analysis have proved ineffective at accurately solving the challenges posed by natural language. Bitext is an excellent position for addressing the Big Data Industry revolution, offering extraordinary growth opportunities".
This is the third operation of the new IT fund launched by Inveready, Inveready First Capital II, which has recently received support from ICO-AXIS funds, reaching its target of 20 million committed capital.
Given the importance of text in Big Data nowadays, Bitext’s platform for deep linguistic analysis is key for analyzing and detecting the opinions and feelings of consumers, for interpreting customer satisfaction surveys and, in the end, for converting text into actionable insights.
Bitext is now focused on its expansion in the US, where most of its customers are based. Some key Bitext’s customers are Salesforce, LexisNexis, Ernst & Young, Telefónica, Vodafone and a world leader in mobile technology and operating systems.