Elysium Labs Pvt. Ltd, which operates digital news portal NewsBytes, has raised $1.5 million (Rs 11.34 crore at current exchange rates) in its Series A funding round, according to multiple media reports.
The round in the Gurugram-based NewsBytes has been led by North Base Media, a US-based investment firm that focusses on news, business information, sports, gaming and entertainment, the reports said.
Others that took part in the round include the US- and India-based Powerhouse Ventures, the reports said, citing company executives.
VCCircle has reached out to NewsBytes of the details of the Series A exercise and will update this report accordingly.
NewsBytes was set up in 2013 by Sumedh Chaudhry, Shikha Chaudhry and Romesh Khaddar. It says it is a breaking news aggregator that presents developments in a question and answer format.
The company will use the funds it has raised to enhance its technological infrastructure, Sumedh Chaudhry said. “With this capital, we are better positioned to expand our fast-growing audience and develop new technologies that will allow us to serve new clients,” he added, as per a report in the Mint newspaper.
The company says it uses its own in-house search engine, as well as an artificial intelligence-based content engine that can write factual stories without human intervention.