French Amethis acquires minority stake in UAE translation start-up Tarjama – .

0
16
French Amethis acquires minority stake in UAE translation start-up Tarjama – .


Amethis, a Paris-based investment fund manager, has acquired a minority stake in UAE-based translation start-up Tarjama to help the Abu Dhabi company advance its roadmap in the field artificial intelligence.

The investment in Tarjama will also contribute to the implementation of an ambitious strategy of organic and inorganic growth in the main markets of the region. The transaction was the second using the newly launched Mena Fund II by Amethis. Terms of the deal were not disclosed.

“This Amethis investment creates an exceptional opportunity for us to strengthen our technological capabilities and securely position Tarjama as a leader in linguistic AI in the region,” said Nour Al Hassan, Founder and CEO of Tarjama .

“We look forward to this next phase of growth, where we will significantly expand our current product portfolio, create new customer-focused products and expand our presence in global markets. “

Start-ups in the United Arab Emirates and the wider Middle East continue to attract funding from local and international investors amid the challenges of the Covid-19 pandemic.

AI companies, in particular, reported mega-deals in the third quarter of 2021, raising a record $ 17.9 billion in funding out of 841 deals globally, an 8% increase in funding and a leap 43% of the number of agreements on a quarterly basis. , revealed CB Insights in its latest report.

Last week, two Jordanian start-ups raised investment in fundraising rounds, with the EdTech Abwaab platform securing $ 20 million that will help it expand into new markets, and dental technology company Eon Dental raising 26 million dollars to support its manufacturing automation and clinical capabilities.

Tarjama – which means ‘translation’ in Arabic – is one of the largest linguistic translation services in the Middle East and Africa, with its AI-assisted linguists to train, test and transform content in over 55 languages. . Its writers specialize in more than 200 sectors.

This Amethis investment creates an exceptional opportunity for us… we look forward to this next phase of growth where we will significantly expand our current product portfolio, create new customer-focused products and expand our presence in global markets
Nour Al Hassan, Founder and Managing Director of Tarjama

The company, initially based in Amman, also provides strategic consulting services, working with experts from all industries and disciplines to generate real business impact. It serves a broad roster of companies in the region’s largest markets, operating in critical industries such as government, e-commerce, law, technology, life sciences, media, entertainment, finance and banking.

It has developed proprietary language technology products, including a leading Arabic-focused machine translation engine, and Cleverso, its high-performance translation management system.

Tarjama raised $ 5 million in an initial funding round led by Anova Investments in Saudi Arabia in 2019, which he used to expand his operations and improve his technology platforms.

Amethis is an investment fund manager focused on African and European markets, with an investment capacity of over 800 million euros. He brings growth capital to promising mid-size companies in a variety of sectors.

Update: November 17, 2021, 3:30 a.m.

LEAVE A REPLY

Please enter your comment!
Please enter your name here