Mumbai’s MagTapp Technologies, an image browser and document-reading application, recently disclosed that it has successfully raised funding in a bridge round.
- New Funding Round: MagTapp has secured Rs 1 crore ($120k) in a new round of funding.
- Investment Use: The latest infusion of capital will aid in the further development of its AI-based AdTech system.
- Key Goal: MagTapp aims to integrate its visual meaning API with its indigenous Ad network to maximize monetization.
- Next Steps: The company is in the process of raising Series A funding, with Lakhani Financial Services as an advisory partner.
- Unique Selling Proposition: MagTapp allows users to comprehend complex words by providing visual representations. The solution combines a visual dictionary with a web browser and document reader for a seamless reading experience.
- Recent Partnerships: The company has established partnerships with media companies like the NewsX group, including publications such as The Daily Guardian and Sunday Guardian.
Launched in 2019 by a trio of friends – Satyapal Chandra, Rohan Singh, and Abhishek Singh – MagTapp has managed to secure Rs 11 crore ($1.3m) in funding cumulatively. The application is now utilized in 95 countries and supports 41 languages.
