Financial services conglomerate IIFL Group backed IIFL Fintech Fund on 30 July and announced that they have made their first investment in Virta.ai, which is a generative AI startup.

IIFL Fintech Fund acquired a 10% stake in Virta.ai for an undisclosed sum. 

Vitra.ai is renowned for its patented technology, which revolutionises global language translation. The investment from IIFL Fintech Fund is set to aid Vitra.ai in advancing its generative AI technology.

Vitra.ai’s advanced translation algorithms can understand and translate complex meanings, idiomatic expressions, and cultural nuances, ensuring accurate and contextually appropriate translations. 

The system offers real-time translation for text, speech, video, and audio, facilitating seamless communication. 

Its technology continuously improves through machine learning, refining translations based on user feedback and new linguistic data. 

With support for over 75 languages and dialects, Vitra.ai enables effective communication across diverse linguistic groups.

The generative AI language translation market is experiencing rapid growth at a compound annual growth rate (CAGR) of 25-30% and is set to become the fastest-growing sub-segment in the industry. 

Virta.ai provides language translation services to prominent companies, including IIFL, ICICI Bank, HDFC Bank, Zepto, Swiggy, and Bajaj Finserv.

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