The latest technology startup to make waves is Germany-based Lengoo. This company has been growing its customer base quickly and recently received a Series A funding round led by Inkef Capital. As a result, the company is now looking to expand its team and improve its technology to serve more customers.
Founders
The founders of lengoo have been building an AI powered platform for expert translation. Currently, they provide translation services to over 3,000 companies in Europe.
Lengoo is currently the leading provider of AI powered, high volume translation services. Its machine learning technology is able to automate custom training neural machine translation systems. This enables it to improve the accuracy of its services and cut the cost of language translations by half. They also boast a large client base that includes some of Europe’s most important corporations.
Lengoo uses its proprietary machine learning technology to train a neural machine translation engine from structured translation memories (TMs) generated by customer websites. For instance, if a company had a document that had been translated using an old model, a newer version could be trained to produce a near perfect match.
Although the company does not reveal its valuation, it is safe to say that it has taken the translation business by storm. With over 3,000 clients, they have built a sizable lead over rivals in the space.
Technology
A company based in Berlin, Germany provides an AI powered platform for expert translation services to business clients worldwide. This includes the likes of Google, which is just one of the many companies who have adopted Lengoo’s technology.
The company is notably active on social media. In fact, it’s the first company to join Twitter’s new corporate account. It also has a Slintel employee tracking system to track the 100+ staff members it has on hand.
Lengoo has won some prestigious awards in recent years including the MIT Media Lab’s Startup Competition and the Techstars Class 75 – Berlin Summer 2016 cohort. To put its recent achievements in perspective, the company has received some hefty funding over the last couple of years.
For instance, the company is backed by the likes of Redalpine, Creathor Ventures, McMakler, and others. The company has been able to secure a massive EUR6 million in Series A funding.
One of the more impressive facets of the company is its proprietary machine translation technology, which equates to a 50% reduction in translation costs. With the money in hand, the company plans to revamp its tech stack and expand its operations into North American and European markets.
Series A funding round led by Inkef Capital
In the last year, Berlin-based SAAS developer Lengoo has expanded into the US and UK. It has raised $20 million in a Series B funding round, led by Dutch early stage investor INKEF Capital. The round also included contributions from Techstars and Redalpine.
Lengoo specializes in AI-augmented translation technology. It automates custom neural machine translation models for enterprise clients. As a result, it can transfer expert knowledge from the world’s top specialists into custom-trained AI systems.
Lengoo has more than 50 enterprise customers in Europe. It has worked with Michelin, WWF, Sixt, and Sunrise Communications. With this money, the company will continue to develop its proprietary machine translation system, improving speed and scalability.
It has also been a member of Techstars’ Berlin Summer 2016 cohort. Now that it has closed the round, the company is working to expand into North America and other markets in Europe.
Among the investors that participated in the round are Inkef Capital, Redalpine, Techstars, Creathor Ventures, and Polipo Ventures.
Customer base
Lengoo is a Berlin-based SAAS developer that provides AI-powered language translation services. Its technology combines neural machine translation with human post-editing. The company’s customers include Sixt, Michelin, and HelloFresh. With more than 50 enterprise customers, Lengoo is a major player in the European B2B market.
Lengoo has been growing rapidly in recent years. During the past year, the company tripled its headcount and onboarded 50 new enterprise customers. Lengoo is not afraid to go up against big players like Google and Facebook. As a result, it recently received an EU grant of 0.75 million. This will help the company to continue expanding internationally.
In addition to its European operations, lengoo serves global enterprises. Since its founding, the company has made inroads into the European B2B market. For example, the company has onboarded 50 new enterprise customers in the US.
Lengoo uses its own technology to improve the quality of its translations. The company develops a customized language model that is trained on customer documents and feedback from the translation process. The company also concentrates on speed and specificity to improve its work.
