Summary
Aqrate is the SaaS changing the way companies handle and purchase translation services. It is a web platform designed to support companies and organisations who translate high volumes of documentation. Translations might seem like a simple process to handle, but for companies around Europe who require thousands of words translated per week, the reality is much more complex and costly. There are thousands of companies spending over €50,000 per year and many spend over €100,000. The main issue for translation buyers today is that cost estimates are provided by language service providers (LSPs) themselves, and buyers are given little transparency on the process. This creates a clear conflict of interest because companies producing large volumes of text for translation tend to entrust their content to one LSP with no visibility or feedback on word counts and translation quality. Purchasing translation services on the market is therefore like putting fuel in your car without knowing how much fuel is in the tank or how much you are adding. Aqrate provides companies with a meter to overcome this market asymmetry and level the playing field. Our approach is completely unique in the industry and was created to give companies control of their translations and allows them to use multiple vendors. Our software separates content analysis from translation to reduce costs and improve the quality of the entire process. Our market tests show that we can deliver companies 30% savings on their yearly translation costs. We have a clear value proposition that resonates in the market, and we believe that within three years of market launch we will be generating €6 million per year. We will use Phase 1 to conduct valuable market validation and targeting studies while also completing our due diligence process around remaining software development areas. Our estimated total funding required: to reach TRL 9 is €2.2 M which we plan to fund via private financing and a Phase 2 project.
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| Web resources: | https://cordis.europa.eu/project/id/827249 |
| Start date: | 01-08-2018 |
| End date: | 30-11-2018 |
| Total budget - Public funding: | 71 429,00 Euro - 50 000,00 Euro |
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Original description
Aqrate is the SaaS changing the way companies handle and purchase translation services. It is a web platform designed to support companies and organisations who translate high volumes of documentation. Translations might seem like a simple process to handle, but for companies around Europe who require thousands of words translated per week, the reality is much more complex and costly. There are thousands of companies spending over €50,000 per year and many spend over €100,000. The main issue for translation buyers today is that cost estimates are provided by language service providers (LSPs) themselves, and buyers are given little transparency on the process. This creates a clear conflict of interest because companies producing large volumes of text for translation tend to entrust their content to one LSP with no visibility or feedback on word counts and translation quality. Purchasing translation services on the market is therefore like putting fuel in your car without knowing how much fuel is in the tank or how much you are adding. Aqrate provides companies with a meter to overcome this market asymmetry and level the playing field. Our approach is completely unique in the industry and was created to give companies control of their translations and allows them to use multiple vendors. Our software separates content analysis from translation to reduce costs and improve the quality of the entire process. Our market tests show that we can deliver companies 30% savings on their yearly translation costs. We have a clear value proposition that resonates in the market, and we believe that within three years of market launch we will be generating €6 million per year. We will use Phase 1 to conduct valuable market validation and targeting studies while also completing our due diligence process around remaining software development areas. Our estimated total funding required: to reach TRL 9 is €2.2 M which we plan to fund via private financing and a Phase 2 project.Status
CLOSEDCall topic
EIC-SMEInst-2018-2020Update Date
26-10-2022
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