Despite the increasing prevalence of AI applications, the majority of free translation solutions are incapable of satisfying the specific translation needs of enterprises in professional sectors, as they are designed to address generic situational requirements. Organizations that depend on free AI translation frequently must allocate substantial human resources to review and proofread, a process that is both labor-intensive and time-consuming. This holds true when using standard financial statements or product manuals as examples.
Bytelingo has acknowledged this challenge and has implemented generative AI to offer translation solutions that are exceedingly precise, particularly for professional publications like annual reports and ESG reports. As of now, Bytelingo's services have been adopted by more than 150 publicly traded companies, with a renewal rate of 90%, indicating a significant level of market confidence.
Ringo Chang, founder and CEO of Bytelingo, observed that common AI translation services, including ChatGPT, often produce "highest probability" assumptions based on model algorithms when faced with numerous proper nouns and terminologies (such as full names and abbreviations of products, subsidiaries, affiliated entities, government agencies, etc.), resulting in a considerable incidence of translation errors.
Conversely, Bytelingo utilizes a different technique. It initially collects and classifies clients' historical translation papers and official website data, then integrates this information with existing professional databases, including accounting subjects and global standards, to improve translation accuracy and consistency.
Exclusive technology outperforms peers with annual report translation taking only 3 hours
Chang, with considerable expertise in AI algorithms, acknowledged the Financial Supervisory Commission's mandate for listed companies to submit English financial statements and ESG reports, resulting in the establishment of Bytelingo in June 2022 to tackle the challenges of professional translation for corporations.
Initially, Bytelingo relied on proprietary AI models. At the end of 2022, as generative AI and large language model technologies progressed rapidly, the firm modified its product development strategy, concentrating on the development of an AI translation platform based on efficient large language models accessible in the market.
Currently, Bytelingo maintains comprehensive databases comprising over 30,000 entries in accounting and sustainability, along with proprietary optimization methods that provide swift access to clients' company-specific information. After completing data preparation, the capabilities of generative AI are effectively governed through its advanced RAG (Retrieval-Augmented Generation) technique, yielding more accurate and consistent translation outputs.
"Our service requires only one morning to finalize the data configuration, followed by merely three hours to translate the entire annual report," Chang emphasized that this efficiency substantially surpasses that of conventional manual translation, which frequently requires a month. Moreover, Bytelingo's pricing is only 50% to 70% of that of traditional translation agencies, enabling faster customer acquisition. He claimed that Bytelingo's publicly traded clients are expected to surpass 200 by the end of 2025.
Full TTA support boosts global prominence
Since its inception, Bytelingo has garnered multiple honors and been selected for various startup awards and government subsidies. This includes the Taipei City Government's 2023 SITI Star investment-potential start-up team, the Ministry of Digital Affairs' Go Next Digital review award, and the endorsement from the Small and Medium Enterprise and Startup Administration of Taiwan's Ministry of Economic Affairs for entry into TAcc+.
Upon becoming a TTA (Taiwan Tech Arena) team, Bytelingo received mentorship and support from the STARTUP101 accelerator, which facilitated the company's business expansion, fundraising, brand visibility, and other critical areas.
Chang stated that TTA resources and initiatives have afforded Bytelingo a global perspective. During a visit by a large German media conglomerate to TTA, Bytelingo was granted the opportunity to present on stage, therefore enhancing the company's brand recognition and providing substantial benefits in following endeavors to secure venture capital funding. In the future, Bytelingo will strengthen its collaboration with TTA and accelerate its global expansion.
Bytelingo is not only translating annual and ESG reports but also diversifying its applications, encompassing product catalog and technical document translation, AI conference support, and AI product introductions, to more effectively meet the complex needs of companies in cross-linguistic communications.
Considering international market prospects and the mandate from Japan's financial regulatory bodies for local companies in Japan to provide English annual reports, Bytelingo will utilize its successful model from Taiwan to enter the Japanese market and exploit opportunities in the AI professional translation service industry.
Bytelingo offers a variety of AI platform modules to satisfy the unique translation process requirements of businesses. Credit: Company
Article edited by Jack Wu
