Gurugram-based digital news and media platform NewsBytes has raised $1 Mn in a Pre-Series A funding round. The investment was led by Germany-based MM Inno GmbH, an early-stage investment company of Mueller Medien, along with the US-based Powerhouse Ventures and other investors.\r\n\r\nThe round also witnessed participation from some the existing investors including Indian angel investment network Mumbai Angels.\r\n\r\nAs a part of this deal, Peter Kabel, the Founding Partner of AECAL.de would also join the board of the startup.\u00a0AECAL.de is a private equity and consulting boutique based in Germany.\r\n\r\nNewsbytes was founded in 2015 by Romesh Khaddar, Shikha Chaudhry and Sumedh Chaudhry. It is an explanatory journalism portal which generates content using artificial intelligence and machine learning algorithms.\r\n\r\n"The funds will be utilised to expand our technology team, support our growing footprint, establish the Hindi and other vernacular desks, and venture into video based content,\u201d Sumedh said in a statement.\r\n\r\nThe platform was incubated by New Delhi-based GSF Accelerator in 2015 and had raised an amount from the previous angel investment round from MA Network with key investors like Mridul Upreti and Anuj Munot.\r\n\r\nWorking with a team of 24 people, the startup had recently launched a natural language generation based engine. This engine has the capability to convert raw numerical data into text based articles. It is looking forward to monetise by the last quarter of 2018.\r\n\r\nIt also claims to have an engineering-centric approach towards content creation where the factual reporting part carried out \u00a0by an AI engine called YANTRA and the story writing is done by the content writers.\r\n\r\nThe digital news and media space has been gaining investor\u2019s attention recently. In December 2017, Noida-based content discovery app Inshorts raised $5 Mn funding from Tiger Global Management\u2019s Singapore investment vehicle, Internet Fund III Pte Holdings.\r\n\r\nRecently in March 2018, the Union Cabinet Minister of Textiles and Information & Broadcasting, Smriti Irani had said that there is a need for legislative authority for the online news, social media and overall online ecosystem like there is the Press Council of India (PCI) for newspapers and the News Broadcasters Association (NBA) for television news.