September 24, 2019
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 base 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. Unbabel said that it’s now translating more than 1 million customer service messages each month, roughly 500% higher than the same period last year.
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.
Founded out of Lisbon in 2013, Unbabel offers what it calls an AI-powered, human refined translation platform that leverages neural machine translation, natural language processing (NLP), and quality estimation to help companies automate their vital translations between dozens of languages. The company can help translate customer emails, live chat exchanges, FAQ pages, and more, through a process that combines the best of machine and human linguists.