Machine translation service company lengoo raises 6 million euros to push their technology to the frontlines of enterprise-level language translation services. Series A funding comes from Redalpine, Creathor Ventures, Piton Capital and business angels Kai Hansen and Matthias Hilpert.
lengoo has a clear goal in mind. As applications for AI grow in niche markets, lengoo has hacked the language space to make AI-based translation tools scalable for enterprise companies.
“We turn our clients’ past translation data into a real business advantage for them, delivering high 6-digit bottom line savings figures. The investment supports our move towards becoming the world’s number one provider of AI-powered enterprise-grade translations”, says Christopher Kränzler, CEO of lengoo GmbH.
Redalpine’s investment endorses lengoo’s scalability, as the investor has lined its portfolio with highly disruptive and scalable businesses. Previously, they invested in N26.
Numbers Talk, too
The language service startup will use the funding to fuel further growth, something already reflected in their history. In 2018, Deloitte Fast 50 recognized lengoo as one of the fastest growing tech companies in Germany. They had a 600 percent growth rate that year.
Founded in 2014, the company delivers services to over 3,000 business clients in 400 language combinations. Their services create cost savings of up to 50% and reduce translation time by 70% when compared with traditional translation processes.
In 2017 the company translated 3 million words, followed by 20 million in 2018, and 36 million already in 2019. To date, they are connected with 2,000 expert linguists.