Unbabel, a Portuguese startup that combines state-of-the-art artificial intelligence with human post-editing and machine translation, has just announced that it has successfully closed a $ 60 million Series C funding round, led by Point72 Ventures, along with e.ventures, Greycroft and Indico Capital Partners, bringing the total investment raised to $ 91 million.
The roundtable was also attended by current Unbabel investors such as Scale Venture Partners, Notion Capital, M12 (Microsoft venture capital fund), Samsung NEXT, Caixa Capital, Faber Ventures, FundersClub and Structure Capital.
The announcement comes in the company’s best quarter ever, both in terms of revenue growth and advances in machine translation technology.
This investment – nearly three times the $ 23 million raised in the 2018 Series B funding round – is intended to respond to the booming business of Augmented Artificial Intelligence, a segment that Gartner expects to create $ 2.9 billion over business value by 2021.
Unbabel combines state-of-the-art Artificial Intelligence with a global translation community that enables companies to offer multilingual customer service wherever they are or regardless of their native language. Major brands such as Microsoft, Booking.com, Facebook and easyJet have integrated Unbabel into their communications and customer support programs and experienced a reduction of up to 76% in operating costs and an increase in CSAT (Customer Satisfaction).
Unbabel co-founder and CEO Vasco Pedro says the additional capital raised will be used to accelerate global expansion and expand the company’s Artificial Intelligence capabilities. As the industry leader in leveraging Artificial Intelligence for language processing, Unbabel will continue to improve its award-winning Quality Estimation and Post-Editing technologies as well as develop its new research lab in Pittsburgh, USA, expanding its world class Artificial Intelligence team.
“We are currently translating over 1 million customer support messages per month. This is five times higher than the volume we recorded in 2018, which demonstrates the worldwide demand for agile multilingual customer service, ”says Vasco Pedro. “Right now we have the opportunity to develop the next generation of Translation-as-a-Service platform that will drive business communications in the future and thus become the layer of global translation.”
“We were inspired by Unbabel’s vision to deliver enterprise-level translations at the click of a button and were impressed by the human interaction translation technology they created,” says Sri Chandrasekar, partner at Point72 Ventures. “We believe Unbabel is destined to transform the translation industry, and we are incredibly excited to be partners in this journey.”