Text correction co Ginger raises $3m: The company's target market is people for whom English is not their native language, as well as people who...
(Globes Via Acquire Media NewsEdge) Jan. 25--Sources inform "Globes" that text correction software developer Ginger Software Ltd. has raised $3 million from private Israeli and US investors. The company will close the financing round in a few weeks, when it receives the final $500,000.
Ginger Software, founded in 2007, develops automatic English-language text correction software, which can be downloaded from the company website for free. The company's target market is people for whom English is not their native language, as well as people who suffer from dyslexia. The company has 15 employees.
Ginger Software founder and CEO Yael Karov said, "Whoopi Goldberg, Sir Richard Branson, Tom Cruise, and Charles Schwab all suffer from dyslexia. 15 percent of the population is dyslexic. There are nearly 50 million dyslexics of all ages in the UK and US, and they have different needs. For example, the UK Department for Children, Schools and Families provides grants to all dyslexic children to buy aid technology."
As for non-English speakers, Karov added, "300 million people are learning English, and have to write in it, including students and employees of international companies. There is a clear unmet need here."
Ginger Software has raised $4 million since it was founded from private investors, including serial entrepreneur and Lightspeed Ventures Israel managing director Yoni Cheifetz, and angel investor Zohar Gilon, whose investments include Metalink Ltd. (Nasdaq: MTLK;TASE: MTLK), Oberon Media Ltd., and B-Hive Ltd.
Karov founded Ginger Software after holding senior positions at Rosetta Genomics Ltd. (Nasdaq:ROSG) and ClickSoftware Technologies Ltd. (Nasdaq: CKSW). Before joining Rosetta, she founded and was CTO of Agentics, which was acquired by Mercado Software (now a unit of Omniture Inc. (Nasdaq: OMTR)).
"Globes": Isn't the dyslexia market rather limited?
Karov: "The tool is designed for everyone, but our current focus is on the two groups I mentioned. Western countries have budgets and awareness of the issue. We're undergoing testing at two universities. We also believe that large corporations can offer our solution to dyslexic or other employees who do not have a command of English."
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