Lisbon-based Unbabel, a translation platform that combines AI technology with the human element, has raised €55 million in Series C financing. The round was led by Point72 Ventures, along with e.ventures, Greycroft, and Indico Capital Partners, along with previous investors, bringing its total funding to €83 million.
Unbabel combines AI with a global community of translators to enable companies to offer multilingual customer service – no matter where they are based or what language their agents speak. Major brands such as Microsoft, Booking.com, Facebook, and easyJet have integrated Unbabel into their support workflows, citing cost savings of up to 76%, while increasing customer satisfaction.
The announcement comes in the wake of the company’s strongest quarter yet, both in terms of revenue growth and breakthroughs in machine translation technology.
Unbabel co-founder and CEO Vasco Pedro says that the additional capital will be used to accelerate global expansion, further strengthen its AI capabilities and build out its new Pittsburgh research lab.
“We are now translating more than 1,000,000 customer service messages a month. That’s over five times the volume we saw in 2018, which underscores the global demand for agile multilingual customer service,” said Pedro. “Now, we have the opportunity to develop the next generation of the ‘Translation-as-a-Service’ (TaaS) platform that will power enterprise communications of the future and ultimately become the world’s translation layer.”
“We were inspired by Unbabel’s vision to provide enterprise-grade translations at the click of a button and impressed with the human-in-the-loop translation technology they’ve built,” said Sri Chandrasekar, Partner at Point72 Ventures. “We believe that Unbabel is poised to transform the translation industry, and we are incredibly excited to partner with them on this journey.”