Unbabel receives $60M for its blended approach to business translation

40

Unbabel is a Lisbon-based startup that has developed a platform for translating customer service messages.

This is done by blending the speed of machine translation with a local human speaker difference and expertise.

The Story of Unbabel

The company has sealed a $60 million Series C round.

The investment was managed by Point72 Ventures, with support from e.ventures, Greycroft, and Indico Capital Partners. 

The startup which was established in 2013 last raised a $23M Series B in January 2018. 

The current round makes its total funding to date to $91M.

Unbabel defines its approach as an AI development and translation as a service.

By which it means it blends the pace and cheap cost of machine translation with a panel of human expertise which is powered by a global association of human translators.

The previous year its network of human translators was said to estimate around 55,000. 

The company informed that it now has more than 100k listed translators giving translation services for its platform.

Unbabel distinguishes these workers as freelancers stating that it pays them online, in an Unbabel account, each time they finish a translation job.

Consumers are signed up to use Unbabel’s translation platform to scale the global scope of their consumer support services.

This includes the likes of Facebook, Microsoft, Booking.com and EasyJet.

Unbabel states it has more than 150 business consumers using its platform.

Mostly in the travel, high tech, gaming and e-commerce areas. 

It promotes cost savings of up to 76% vs other translation methods and improved customer satisfaction.

It also declares that it is just noticed its strongest quarter yet in terms of revenue growth, even though it is not breaking figures out.

More About The Series C Funding 

Unbabel announces the Series C funding will go in ramping up the growth in the US, Europe and Asia,

As well as on improving the abilities of its AI including developing out an artificial intelligence research lab it lately stated in Pittsburgh.

Sri Chandrasekar, the partner at Point72 Ventures, said in a supporting statement that they believe that Unbabel is poised to change the translation industry.

And they are amazingly delighted to partner with them on this journey.

SEE ALSO: Tencent manages $10M A funding round in SenSat which will digitize real-world places

For more updates and the latest tech news, keep reading iTMunch.