Digital news portal NewsBytes, owned by Elysium Labs Private Limited said that it has raised $1.5 million in its Series A round, led by North Base Media (NBM), a global venture capital firm specialising in media.
Sumedh Chaudhry, co-founder NewsBytes said that the company will deploy the fresh funds in augmenting its technology. “With this capital, we are better positioned to expand our fast-growing audience and develop new technologies that will allow us to serve new clients,” Chaudhry said.
Chaudhry said the participation by NBM, which has extensive media and media-tech experience globally, together with new investor JITO Angels and the company’s existing investor, Powerhouse Ventures, gives NewsBytes stability at a crucial time.
Founded by Romesh Khaddar, Shikha Chaudhry and Sumedh Chaudhry, Gurugram-based NewsBytes claims to have developed India’s first and the only AI-driven content engine, YANTRA, which can write factual stories without any human intervention. Notably, the engine has multi-lingual capabilities and can tackle a wide array of categories from consumer technology to financial markets.
