Hungaryʼs SignAll gets EUR 1.7 mln investment

Conferences

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."

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.