Pangeanic’s Research and Development receives coveted SME Innovation Award.
The SME Innovation Award is specifically designed to honour European SMEs for innovative Research and Development, products, services and distribution channels. It is awarded by the Ministry of Economy and Industry of each Member State after considering the innovative efforts undertaken by an SME
Valid thru 04 July 2020
Pangeanic develops language and translation technologies from its headquarters in Valencia, Spain. The company received the award for its advanced cloud-based, real-time and low cost translation automation workflow platform Cor, which can crawl and detect content from websites and documents, track changes and translate either automatically or by humans. The software provides easy access to costing information, analyzing websites or documents against a client’s previous translations, initiating the translation workflow and assigning the translation job to the most relevant translator meeting the document and client criteria. ActivaTM is a centralized ultra-fast translation memory system with a REST API to machine translation so translators obtain suggestions from similar previous translations or machine translation suggestions. Finally, Pangeanic has also developed a statistical and a neural network machine translation platform with versions for on-premise, secure installations or for very fast translation queries via its translation API.
Manuel Herranz, Pangeanic’s CEO, said: “The support of several administrations has been incredible. The award culminates years of research together with partners in Spain, Europe and other countries such as China and Japan. This award demonstrates the huge potential of Pangeanic’s solutions as it launches those three technologies onto the market for full commercialization. “Pangeanic is tapping into a huge global market. The translation industry is tipping over the $43Bn mark according to think tank Common Sense Advisory. While higher automation puts pressure down on human translation services with an increase in translation productivity per head, the translation market and the global needs for translation into more languages keep growing at a rate of 5%-10%. There are simply not enough human translators, so automating processes from project management to translation aided by MT for example is a growing market for any type of company looking to sell globally. It is not coincidental that the technological strength shown by our team has made Pangeanic’s iADAATPA consortium the winner of the largest CEF’s EU project to build secure connectors between the EU’s MT@EC service and public administrations throughout Europe.”
“The technologies scale very easily as more people use the internet to do business and carry out transactions. Linking to more translation tools is in the roadmap for 2017-2018, to enhance communication tools. The ability to sync data from multiple devices and process more information is already here thanks to ActivaTM. Pangeanic solutions can create new sources for revenue beyond traditional translation for LSPs.”
Alex Helle, the head of the company’s R&D, added: “The translation sector is missing out on substantial profits because of the large number of manual steps required to carry out a translation job, from quote stage to delivery to the client. Add to that low productivity per head and you have a market in desperate need of automation. Cor, as a web-based system, automates many steps for brands and companies that need to integrate a translation workflow system to speed up multilingual translation. In a way, it disintermediates. Clients upload their data or their website is crawled, they choose the languages and obtain a quotation in a matter of seconds, with relevant discounts from repetitions or previous similar sentences. It is not a translation proxy that captures your website and makes it very difficult for a company to migrate or change suppliers. Companies are pretty much in control.”
“Moreover, other technologies back Cor, like ActivaTM or large neural machine translation engines. Our solution can help to invigorate the translation industry’s financial outlook. In times where digital businesses have to operate 24/7, Cor provides a kind of translation ecommerce so translation companies can remain profitable, improving their efficiency and operation processes – that is precisely the solution that we provide. Translation companies need to change their business model, provide machine translation where needed, and think in terms of generating Big Data.”