Home / Companies / News website Oximity raises $620,000

Hyderabad: Oximity Ltd, a news website that crowd-sources content, has raised $620,000 from a group of Indian investors.

UTV Group founder Ronnie Screwvala, TutorVista co-founder Krishnan Ganesh, AppLabs founder Sashi Reddi and Efficient Frontier co-founder Anand Ranganathan have invested in the online media start-up.

Founded by serial entrepreneur and former banker Sanjay Goel and German technology entrepreneur Christian Hapke in 2010, Oximity allows pre-approved writers to write content from across the world in 180 languages.

The content is then translated into various languages. By facilitating manual as well as automatic (in 60 languages) translation, Oximity is removing language as a barrier to the flow of news information globally, 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 start-up has offices in Berlin, San Francisco, Moscow, Guangzhou in China and Ramallah in Palestine. It aims to transform the traditional top-down structure of news media with a bottoms-up approach in writing, reporting, editing and distributing news.

Pre-authenticated writers report news around them, which is then contextualized by other writers who can provide alternative perspectives or add information. Readers curate the content that is finally distributed on the Internet.

Oximity’s algorithms capture user feedback and customize news according to individual preferences, whether it is accessed on Oximity’s website, through search engines or the social media, according to the company’s profile on technology start-up database, Crunchbase.

“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 went live last year and has over 2,500 writers generating 700 news 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.

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