Bitext, a Madrid, Spain and San Francisco, CA-based provider of a B2B multilingual text analytics platform, completed a $900k seed round of funding.
The round was led by Inveready with participation from various business angels.
The company intends to use the funds to expand in different verticals and in the US market.
Led by Antonio Valderrábanos, CEO, Bitext provides a multilingual text analytics platform that aims to solve the problem that many 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 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.
Customers include Salesforce, LexisNexis, Ernst & Young, Telefónica, and Vodafone, among others.