Mumbai-based MagTapp Technologies, specializing in an image-browser and document-reading application, has recently raised Rs 1 crore in a bridge round from its existing angel investors and others, the company said.
The funding will be used to advance the development of its AI-based AdTech system.
“This infusion of capital stands poised to further cement MagTapp’s position to integrate its visual meaning API with its indigenous Ad network with many publishers in different languages to increase their monetization aspects,” the statement read.
With Lakhani Financial Services acting as its advisory, MagTapp is presently engaged in a Series A funding round.
By providing visual cues, the startup helps users comprehend content. Users only need to tap on complex words to get a visual representation of the meaning.
This eliminates the need for dictionaries or online searches using platforms like Google. MagTapp combines a visual dictionary with a web browser and a document reader to enable an uninterrupted reading experience.
The company has recently partnered with media organizations, such as the NewsX group, which features publications like The Daily Guardian and Sunday Guardian.
The application is now used in 95 countries and is available in 41 languages.
Satyapal Chandra, Rohan Singh, and Abhishek Singh, three friends from Bihar who founded MagTapp in 2019, have raised Rs 11 crore in funding.
