Papercup plans to use the funds to support R&D initiatives. Here are the top-line bullets you need to know.
Papercup, a provider of AI dubbing and video translation software, has raised $20M in a Series A. The round drew participation from Bertelsmann Digital Media Investments, John Collison, Octopus Ventures, Sands Capital, and Sky and Guardian Media Ventures, among others.
How’s the company performing?
- UK-based Papercup allows users to upload videos for translation and voiceover.
- The company’s technology is used by organizations like Discovery, Business Insider, and Sky News.
- Over the past year, Papercup’s CEO estimates that 300M+ people have watched a video translated by the company.
- The company currently has a team of 38 people in London. It also has a translator network that spans 3 continents.
Why does the market matter?
- The global Natural Language Processing (NLP) market is expected to reach a value of $48.5B by 2026, growing at a CAGR of 26.84%, according to Mordor Intelligence.
- The advancement of image recognition and speech processing technologies as well as the acceleration of data digitization initiatives have contributed to market growth.