Thursday, 30 April 2020

MA Portfolio Company NewsBytes raises funds from North Base Media

MA Portfolio Company NewsBytes raises funds from North Base Media
April 30, 2020NewsBytes (run by Elysium Labs Private Limited), an AI-driven digital media company, has successfully closed the first tranche of its Series A round, led by North Base Media, a global venture capital firm specialized in media.The company will deploy the fresh funds in augmenting its technology.
Founded by Romesh KhaddarShikha Chaudhry and Sumedh Chaudhry, NewsBytes received its early funding by Mumbai Angels Network in 2017 & 18.

“With this capital, we are better positioned to expand our fast-growing audience and develop new technologies that will allow us to serve new clients.the participation by NBM, which has extensive media and media-tech experience globally, together with new investor JITO Angels and the company’s existing investor, Powerhouse Ventures, gives NewsBytes stability at a crucial time.” says Sumedh Chaudhry, Co-Founder, NewsBytes.
“We are very pleased that our portfolio company NewsBytes has closed the first tranche of their Series A and we continue to back them up strongly as they go ahead,” says Nandini Mansinghka, Co-Promoter and CEO, Mumbai Angels Network.
NewsBytes has developed India’s first and the only AI-driven content engine, YANTRA, which can write factual stories without any human intervention. Notably, the engine has multilingual capabilities and can tackle a wide array of categories from consumer technology to financial markets. NewsBytes is licensing its engine to other companies looking to automate their content creation process. The company has already onboarded several clients including overseas media companies.
About Mumbai Angels Network -
Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 450+ members strong, across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur and Chennai). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

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