Internet News Media Startup Oximity Raises Over $600K
A news website that crowd sources content by the name of Oximity has managed to raise over$620,000 from a group of Indian investors. Ronnie Screwvala founder of UTC group, AppLabs founder Sashi Reddi, TutorVista co-founder Krishnan Ganesh and Efficient Frontier co-founder Anand Ranganathan have invested on the online media startup.
The company had been founded by German Technology entrepreneur Christian Hapke and serial entrepreneur and former banker Sanjay Goel back in 2010, Oximity allowed writers to type up pre-approved content from all over the globe with over 180 languages.
The article will then be translated into various languages. By assist on manual as well as an automatic translation in over 60 languages, Oximity will be trying to remove the language barrier that flows through new information internationally, the company said.
“The news media landscape is shifting rapidly, and in a few years there will be an entirely new set of players dominating this space. We believe Oximity has the potential to be one of such dominant players,” Screwvala said in a statement.
The London-based startup has managed to open up offices in Berlin, Moscow, Ramallah in Palestine, San Francisco and Guangzhou in China. Its goals are to change the traditional structure that currently run the news media from a bottom-up approach in writing, editing, reporting, and distribution news.
Pre-authenticated writers will report the news around them, which is then scrutinized by other writers who will provide any additional information and perspectives on the written article Readers curate the article that is finally distributed throughout the internet. Oximity’s algorithms capture a users feedback and modify the news according to that of the individuals specifications, wheter it is accessed through Oximity’s website, through search engines or even social media sites, according to the company’s profile on technology startup database.
“Users get to set the news agenda, instead of a few people who run global news media organizations,” Oximity co-founder Goel said in the statement.
The Website was launched during the previous year and has managing to gather over 2,500 writers generating over 700 new stories everyday, according to a report in the Economic Times newspaper.
“There is a revolution coming in the generation and distribution of news, and Oximity is at the forefront of that revolution,” said Reddi, managing partner of Hyderabad-based Sri Capital, who co-invested in the venture.Oximity, whose name is derived by dropping the first two letters of the word proximity—PR—that stand for public relations, is also partnering with existing user-generated news networks globally to create one large network of “self-empowered news writers and readers”, the company said.