Angel investors Ronnie Screwvala and K Ganesh have seed funded Oximity, a global online media start-up for user-generated news.
Angel investors Ronnie Screwvala and K Ganesh have seed funded Oximity, a global online media start-up for user-generated news.
Oximity, co-founded by former Wall Street banker Sanjay Goel and German IT entrepreneur Christian Hapke, connects sources of news directly to readers in over 180 languages globally. The US-based start-up rides on technology to create a large network of self-empowered news writers and readers, redefining the way news is generated and distributed worldwide.
"Technology has reached a point where the news industry is waiting to be disrupted. The existing paradigms will become obsolete but not the skills of the people (in it) that have been honed over the years. We want to redeploy those skills without the legacy of fixed costs associated with traditional media, in a completely re-engineered model for news," said Goel, who founded the much-talked about Silicon Valley start-up Ideas.com in 1999.
Started six months ago, Oximity has more than 2,500 writers generating 700 news stories daily. Its writers and readers are spread across 200 countries, while the company has existing offices or staff in Berlin (Germany), London (UK), San Francisco (USA), Ramallah (Palestine), Moscow (Russia) and Guangzhou (China).
"We see this as a platform to take news to niche audiences wherever they are globally. By facilitating automatic as well as manual translation, Oximity is removing language as a barrier to the flow of news information across borders," said Ganesh, one of the lead investors, who built and sold start-ups like CustomerAsset, Marketics and TutorVista in the past.
Screwvala said startups like Oximity could lead the democratization of news industry. "The news media landscape is changing and we believe Oximity can be a dominant player," added Screwvala, who turned investor after selling UTV Communications to Walt Disney in a blockbuster deal. AppLabs founder Shashi Reddi and Anand Ranganathan , who founded Efficient Frontiers acquired by Adobe, are other co-investors in Oximity.
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