The Portuguese company Unbabel has received $23 million in Series B funding. The money will be used to scale the company and offer services to more businesses.
The Portuguese company Unbabel has received $23 million in Series B funding.
The company represents an AI-powered, human-refined Translation as a Service, as they say on their website.
Their product combines Natural Language Processing, Neural Machine Translation, quality estimation algorithms and a network of translators.
The newly received money will reportedly be provided by Scale Venture Partners, Notion, Microsoft Ventures, Salesforce Ventures, Samsung NEXT, and others.
“Unbabel is eliminating the language barrier for large enterprises to easily serve a global customer base.”, said Andy Vitus, Partner at Scale Venture Partners who spoke to EU-Startups.
Unbabel`s CEO and co-founder, Vasco Pedro, told EU-Startups that they started the business with the goal to reach the 70% of internet users who don`t speak English, even as a second language. Then, they realized that the demand to serve customers in their native language has grown a lot, so Unbabel tries to make every business global.
The Lisbon-based Unbabel previously raised $5 million from investors like Notion Capital and Caixa Capital that participated along existing investors, Faber Ventures and Schilling Capital Partners. Overall, the company received an investment accounting to $8 million in 2016, as reported by media publications at the time.
The new funding will be used to expand to more businesses that are located in a range of countries around the globe.