Category: Business
Korean Soft Power launches real-time interpreter app ManTong, translating Korean into 10 different languages
Soft Power, a Korean software engineering company has recently released a real-time interpreting application that translates Korean into 10 different languages based on AI technology.
The application is known as ManTong and users can activate it by simply talking into their mobile phones, and the app utilising Google Translate API, which applies a Neural Machine Learning AI (NMT) technology will translate the sentence instantaneously at the level of a professional interpreter.
The application is also especially useful in noisy environments, which makes it suitable to use when abroad for short conversations. Since the app translates voice messages, one can simply talk into headphones that they are wearing and show the translated content to the other person without much hassle.
Soft Power CEO Kim SuRang said, “Some interpretation or translation applications that exist in the market either cannot handle long sentences or directly translate voice recognized sentences. The users have to press the buttons for every sentence they would like to translate, which is very inconvenient in the situation where you are given instructions or counseling.”
He further explained, “In this way, ManTong app solved the fundamental problem that occurs in existing interpretation and translation app, we created a technology that will tackle the problem at its root, as ManTong guarantees high quality and applicable interpretation and translation that supports a simultaneous two-way interpretation.”
Software engineering expert Park JinHo, the director for Software Education Research Lab in Soongsil University also commented on the app, saying that “In fact, ManTong did not require a single line of code. It utilized ‘SmartMaker’, a software solution that expands upon language processing AI, and this technology can be used in a variety of other relevant fields such as voice recognition and speech synthesis to easily develop new applications.”
Mantong is free for any personal use and can be downloaded via both the Google PlayStore and Apple AppStore. Hence, with a ManTong application on their smartphone, one is no longer restricted by a language barrier.
By Vivian Foo, Unicorn Media
Mobvista secures US$100 million credit facility from Bank of China
China’s mobile marketing platform Mobvista Co. Ltd. has on Wednesday, obtained a credit facility worth nearly US$100 million from Bank of China, which marks the largest credit facility ever granted by a bank in the mobile marketing industry in China.
“For an asset-light Internet company, the trust behind the strategic cooperation with Bank of China wasn’t easy to build,” said Mobvista’s Founder and CEO Wei Duan. “The credit facility represents not only Bank of China’s recognition of Mobvista’s past performance, but also its confidence on Mobvista’s future.”
Established in 2013, Mobvista is an Asian mobile marketing platform that focuses on providing user acquisition and traffic monetization services to mobile app developers across the world. On November 2015, the company completed its listing on China’s National Equities Exchange and Quotations (NEEQ), raising an amount of nearly US$1 billion.
Mobvista is also recognized by TUNE as the “Top 25 Mobile Advertising Partner Report for 2016“, having targeted traffic from 243 countries and regions with a daily amount reaching over 10 billion. Prior to this, the company which houses 500 employees in 12 offices spread across the world is backed by NetEase (Hong Kong) Ltd., Midas Capital, Shanghai Media Group, Haitong Securities and China Securities,
In May 2016, the company raised nearly US$80 million via its first private placement deal to finance acquisitions, buying U.S. advertising company NativeX and European mobile game analytics platform GameAnalytics for an undisclosed amount in February and July last year.
“Across the world, over 80% Internet users are connected via smartphones and the rapid growth mobile Internet over the past three years offers historic opportunities to global mobile marketing industry. This credit facility from Bank of China will further help us accelerate expansion in overseas markets,” said Wei Duan
Mobvista’s revenue reached US$118.174 million while its net profit reached US$11.525 million for the six months ended on August 31, 2016, according to disclosure filings, in which has allowed it to maintain its No.1 position in the mobile marketing industry.
Providing financial services in China and 46 other countries and regions, Bank of China within the three years period from 2012 to 2015, has increased its overseas assets by 54.06% and continued to diversify, strongly supporting its cross-border M&As and M&A financing and loan businesses in the trend to internationalise.
“Mobile marketing is an emerging industry with great momentum. Today’s credit facility is based on the recognition to the mobile marketing industry, which is in line with Bank of China’s commitment to an efficient and professional partner addressing all demands of small and medium businesses,” said a spokesperson from the Bank of China.
Bank of China is Mobvista’s largest bank partner in 2016 looking at the perspectives of RMB deposit and loans, USD loans, as well as cross-border settlement. With the support from Guangdong Branch of Bank of China, Mobvista has built a connection with Bank of China’s branches in Seoul, Brussels, Hong Kong, New York and Chicago.
From Vivian Foo, Unicorn Media
Wah Seong Corp acquires German pipeline coating firm mutares AG for US$20.6 million
Malaysia’s energy sector’s infrastructure service provider Wah Seong Corp Bhd has acquired a Germany-based pipe coating firm, mutares Holding 16-AG for €19.5 million (about US$20.6 million).
In a filing with Bursa Malaysia yesterday, Wah Seong said its indirect wholly-owned subsidiary Wasco Coatings Germany GmbH (WC Germany) entered into a share purchase agreement with mutares AG for a 100 percent stake acquisition.
“The acquisition would enable WC Germany to use the existing plant and machinery in Mukran, Germany, to perform its pipe-coating activities for the purposes of the Nord Stream 2 project,” a spokesperson from Wah Seong said.
Nord Stream 2 is a planned pipeline through the Baltic Sea, which will transport natural gas over 1,200km from the world’s largest gas reserves in Russia. It involves two parallel 48-inch lines, each starting from southwest of St Petersburg and ending at Greifswald on the German Coast.
On September 6, 2016, Wah Seong’s indirect wholly-owned subsidiary Wasco Coatings Europe BV entered into a contracts with Nord Stream 2 AG (NS2 AG) for the provision of concrete weight coating and storing of pipes for the Nord Stream 2 project at a contract value of €600 million (about US$636 million)
The €19.5 million purchase price takes into consideration the requirements of the Nord Stream 2 project and will be funded through project financing by NS2 AG. The acquisition is expected to have positive effect on the earnings of Wah Seong for the financial year ending Dec 31, 2017.
Pro-acquisition, this will give WSC unit the access to use mutares’ plant and machinery to provide services for Nord Stream 2 Project and there will not be any effect on the share capital and substantial shareholdings fo Wah Seong as the total purchase consideration is done entirely by cash.
“WC Germany is involved in the pipe-coating services for the oil and gas industry and trading of all associated goods and services while MH-16 is a stock corporation incorporated under the Ferman law and based in Weissenfels, Germany,” a spokesperson from WC Germany said.
By Vivian Foo, Unicorn Media
China Media Capital, SECA to invest tens of millions of Euros in FIA Formula E Championship
Chinese private equity firm China Media Capital (CMC), led by Chinese media mogul Li Ruigang, announced on Tuesday that it has partnered with its portfolio company SECA, a sports marketing company in China to invest tens of millions of Euros into Formula E Holdings, the official promoter of the FIA Formula E Championship auto racing.
Financial details of the transaction were not disclosed but CMC and SECA plan to help introduce and expand Formula E’s influence in China.
Established in 2014, the Formula E Championship is the world’s first electric powered single-seater racing series featuring electric-powered cars manufactured by makers including Renault, Jaguar, and Mahindra racing in major cities around the world.
Its third season, which started in October and runs until July, comprised of races in cities such as Mexico City, Hong Kong, Paris, Berlin, Brussels, New York, and Montreal. According to Formula E, its Hong Kong race in 2016 was watched by 488,000 Chinese viewers via the internet.
“The opening round of each season has been hosted in this region – Beijing and Hong Kong – and we have teams and drivers such as TECHEETAH and Ma Qing Hua already competing in the series. We look forward to working closely with CMC Capital Partners, and continuing to grow the profile of Formula E in key territories across the globe,” Alejandro Agag, the Founder & CEO of Formula E, said.
Formula E has also established partnerships with Chinese TV stations and online video sites including Chinese national television operator CCTV and online video platform iQiyi.com to broadcast races in China.
“Since its inauguration three years ago, Formula E has quickly evolved into a premium global sports IP under a first-class leadership, with remarkable progress in promoting sustainability, innovation, and market penetration of electric vehicles, as well as in media partnership, sponsorship, and tourism,” Li Ruigang said.
“CMC has been focusing on investing in premium global and local sports IPs, and we look forward to working together with Formula E both in China and globally,” he further adds.
The investment in Formula E follows a series of investments made by CMC and its affiliates in sports companies, including SoccerWorld China, Lanxiong Sports, and Beijing Wesai Era Sports Technology Co. This also includes leading an angel round in a sports content startup founded by Chinese football celebrity Sun Jihai in December,
In 2015, CMC and CITIC Capital agreed to invest US$400 million for the acquisition of a 13% of City Football Group, the owner of football related clubs and businesses including Manchester City, New York City, Melbourne City, and a minority shareholder in Japanese football association Yokohama F. Marinos.
Founded in 2009, CMC was the mainland’s first media sector focused fund dedicated to media and entertainment investments in China and around the world. It has separate movie-making ventures with IMAX Corp and Warner Brothers Entertainment, as well as a partnership with Jeffrey Katzenberg’s Dreamworks Animation Skg, which produced Kung Fu Panda 3.
The company signed a deal in October 2015 for the exclusive global broadcast rights over the next five years of Chinese Super League,
Commenting on the fundraising, Agag said, “We are excited to welcome CMC Capital Partners, led by Mr. Ruigang Li, to the increasing list of investors joining Formula E and the electric revolution. China is an important player in the potential of electric vehicle manufacturing and production, and this partnership reinforces our intentions to promote sustainable mobility across Asia and Mainland China.”
By Vivian Foo, Unicorn Media
BookMyShow acquires majority stake in Pune-based DIY events platform Townscript
Bigtree Entertainment Pvt Ltd, which runs ticket booking platform Bookmyshow.com, on Tuesday announced that it has acquired a 75% majority stake in Pune-based DIY event registration and ticketing platform Townscript for an undisclosed amount.
Founded in 2014 by Sachin Sharma, an alumnus of IIT Kanpur and Sanchit Malikto, who graduated from Maharashtra Institute of Technology, Townscript provides ticketing and planning services for workshops, conferences, exhibitions, college festivals, marathons and adventure events.
The company comes as the second acquisition this year by Mumbai-based BigTree following its acquisition of Hyderabad-based MastiTickets last month.
“We definitely expect to see more traction in the space of do it yourself ticketing events. It’s unique and addresses a different set of users who want to set up their own events,” said Ashish Hemrajani, the CEO at BookMyShow. “We discovered the perfect synergy match with Townscript and are excited to be partnering with them in their journey towards excelling in this segment.”
Following this acquisition, Townscript will continue to run and operate as an independent entity while Hemant Madhwani, a business development manager at Bookmyshow will also join Townscript to lead the venture.
With the fresh capital, the events firm which works on a DIY ticketing model and helps organisers set up dedicated registration and ticketing pages within minutes using its website or mobile apps will also scale up Townscript, to build and enhance its product as well as to move across different geographies faster.
“We see this investment as the launch pad for a new round of innovation and fast-tracked progress. The investment will be primarily utilised towards building and improving the product offering to technology solutions that address all pain points of registration-based events right from school annual days, expos and conventions, to free-to-host charity, spirituality and fashion events,” said Townscript’s Co-founder Sharma.
Run and operated by Dyulok Technologies, Townscript allows organisers to set up and manage an event’s registration and ticketing platform within minutes. Specifically, Users can customise event details, send promotional mailers, manage payment collection and refunds, as well as generate a data-driven analysis of the event.
Townscript has launched two event apps, one aimed at customers looking to book events around them, and another for event organisers to help them manage registrations.
While the firm does not charge organisers for free events, it follows a transaction-based revenue model for paid events, where it charges customers 4% of the ticket value in addition to Rs 10 per transaction. At present, the company claims to have organised more than 12,000 events across the country including smaller cities like Ludhiana and Jaipur.
BookMyShow sold over 100 million tickets and expects to double the growth in the coming year while it strongly focuses on regional markets.
By Vivian Foo, Unicorn Media.