Hungaryʼs SignAll gets EUR 1.7 mln investment
Budapest-based startup SignAll, the developer of a technology that automatically translates American Sign Language (ASL) to spoken and written English, secured an additional EUR 1.7 million of investment, in its second round of financing to date. The round was led by Hiventures with the participation of previous investors Credo Ventures.
The company tells the Budapest Business Journal that the first investment round took place some three years ago. Since then, SignAll has focused on developing the first automated translation system for ASL.
The company also received numerous accolades such as the CES Accessibility Award, featuring SignAll among the five “World’s Best Vendors” in Artificial Intelligence by Gartner, and inclusion in Londonʼs Social Stock Exchange (SSX) for its impact.
“This investment will cover our continued market entry and extension of our activities," the CEO of the company Zsolt Robotka says.
“After a successful implementation of pilot projects in Washington, D.C., and more recently in Houston and Salt Lake City, we are ready to take things to the next level. We anticipate launching multiple projects in the U.S. over the next two years, which will underline the scalability and flexibility of the technology to a range of users’ needs. Our primary focus is on the U.S. market, but we plan to continue developing a tight relationship with the Hungarian community of deaf and hard of hearing people as well,” Robotic explains.
Hiventures deputy CEO Bence Katona says, “One of our missions is to support impact projects, which align with the sustainability goals proclaimed by the UN, so having a long-term social and financial impact. We were in the pursuit of a mission-driven investee. SignAll’s innovative solution that enables spontaneous communication between deaf and hearing people has a great social value. It is a unique technological innovation using machine learning, computer vision and language processing. We are happy to secure SignAll’s further development and look forward to seeing the project’s developments.”
Credo Venture partner Andrej Kiska adds: "We have now been partners of SignAll for more than three years, during which we saw the company evolve from a R&D project, all the way to having live systems in the field improving accessibility to services for the deaf and hard of hearing. We are delighted to continue supporting it on its new focus to broaden the availability of its solution to the entire U.S. market and beyond."
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