Berlin-based language tech company Lengoo announces USD 20M Series B funding round
Berlin-based language tech company Lengoo announces a USD 20M Series B funding round to fuel global expansion and advance the development of their proprietary NMT framework for ultra customization of neural machine translation models for the professional use case.
Lengoo pioneers AI-augmented translation for the enterprise . Their deployment of AI in the enterprise translation space is one of the first AI service business models to find wide adoption . The team around founder and CEO Christopher Kränzler automates the custom training of neural machine translation models for enterprise clients using the enterprise clients’ owned language data and deploying it in a human-in-the-loop full-service approach. Using AI-augmented translation for enterprise clients cuts cost by min. 50% and increases translation speed by 3x-6x.
Over the last 12 months, Lengoo was able to sixfold the Annual Recurring Revenue and to onboard 50+ enterprise customers in Europe and the US including National Instruments, Sunrise Communications, Sixt, and the WWF. Ahead of schedule, Lengoo expanded into the US, the UK, Scandinavia , and Poland and tripled their headcount . Among new hires are key
industry veterans like Jay Marciano and Christoph Esser, who jumped ship from legacy language service providers.
CEO Christopher Kränzler has set the next goals for Lengoo: “We aim to use the additional capital to build a global presence for our globally active clients. Furthermore, we will advance the development of a proprietary NMT framework to make professional translation even faster and scalable”.
The lead investor in this Series B round is Inkef Capital with existing investors Redalpine, Creathor Ventures, and Techstars also participating alongside angel investors Matthias Hilpert and Michael Schmitt. New investors also include Polipo Ventures and Volker Pyrtek (former CPO of Deutsche Telekom).
Investor Frank Lansink from Inkef Capital about the funding round: “Lengoo’s successful deployment of Augmented Intelligence in the translation space shows the true power of Human & Machine partnerships and is one of the first AI service models that finds wide-scale adoption in the Enterprise. We are excited to support Lengoo in shaping the future of
The total capital Lengoo has raised so far will increase to USD 34M.
Lengoo makes AI work for translation. As a language tech company, we supercharge human translators with AI technology. We custom-train neural machine translation models for our clients using their own data. Our language models learn all about the enterprise’s individual way to communicate and produce high-quality machine translation. The feedback of human
translators constantly improves our language models and allows us to provide professional translations 3-6 times faster and 50% cheaper than traditional providers. We support global enterprises like NI (National Instruments), Sixt, Sunrise Communications, KIOXIA, or Michelin.
Find out more at www.lengoo.com
Inkef Capital is a venture capital firm based in Amsterdam, backing promising early-stage companies in Europe. Inkef takes pride in being a patient, long-term investor with the ability to support companies through several rounds of funding. From the early stages of being a technology or life science venture, Inkef Capital supports entrepreneurs building their ideas
into successful international businesses.