Lengoo, a Berlin-based language tech startup, has announced raising $20m in its Series C funding round. The investment was led by Inkef Capital, with participation from existing investors including Redalpine, Creathor Ventures, and Techstars.
Founded in 2014, Lengoo uses artificial intelligence and machine learning to provide businesses with language translation services. The company has developed a platform that can translate content into over 400 language pairs, with a focus on delivering high-quality translations quickly and efficiently.
With the latest funding, Lengoo plans to further develop its AI-powered platform and expand its presence in the global market. The company also aims to use the funds to strengthen its team and invest in research and development.
Lengoo’s CEO, Christopher Kränzler, said in a statement, “We are thrilled to have Inkef Capital onboard as our new lead investor, and we are grateful for the continued support of our existing investors. This funding will enable us to accelerate our growth and continue to innovate in the language tech space.”
The language tech industry has seen significant growth in recent years, with the global language services market estimated to be worth $50bn by 2024. Lengoo aims to capitalize on this trend by providing businesses with a streamlined and cost-effective solution for language translation services.
The Series C funding round is a significant milestone for Lengoo, as it demonstrates the company’s continued growth and potential for further expansion. The investment from Inkef Capital and other investors will enable Lengoo to develop its AI-powered platform and expand its reach in the global market.
In conclusion, Lengoo’s latest funding round is a testament to the growing demand for language tech services and the company’s ability to deliver high-quality translations quickly and efficiently. With its innovative platform and a strong team of experts, Lengoo is poised for continued success in the language tech industry.