The AI-based language translation startup recently secured $300 million in a funding round spearheaded by Index Ventures. This has elevated the firm’s valuation to an impressive $2 billion, signifying growing faith in AI technologies, especially in language translation.
Although the startup has yet to attain profitability, it’s already marked its presence in the field after accumulating over $100 million through former fundraising efforts. The most recent funds are reserved to aid sales, marketing, and research and development ventures.
Proudly serving over 100,000 businesses and organizations globally, the startup’s automated translation and writing tools have brought it to the limelight. With its services, it stands to rival renowned platforms like Google Translate and Grammarly.
Jarek Kutylowski, the startup’s CEO, has shared that the company’s growth plans involve fortifying customer relations and growing from within.
AI startup’s funding elevates language translation.
By implementing client-centered growth strategies while focusing on organic growth, Kutylowski aims to build a sustainable and prosperous venture.
Moreover, the company plans to beef up its team, particularly in the technological sector, which currently makes up 60% of the workforce. The firm is continually broadening its service array, with the latest addition being a specialized business writing tool that supports 32 languages. Notable clients include Zendesk, Coursera, and Deutsche Bahn.
Even with the heavy competition in the AI market from tech giants like Google, Amazon, and Microsoft, as well as emerging companies like OpenAI, investors continue to trust the startup. Index Ventures’ Danny Rimer mentions the startup’s impressive track record and unique AI offerings as reasons for faith in the company’s growth prospects. Similarly, John Doe from Sequoia Capital commended the startup for bringing innovation to the AI industry.
