World first: lengoo brings Machine Translation to Fortune 500 companies
German AI-first translation tech company lengoo secures € 6 Mil from N26 investor Redalpine in Series A round. The investment will support the company’s continuous hyper-growth, disrupting the global translation landscape.
lengoo’s technology cuts translation costs of enterprises by 50% and increases translation speed by a factor of 3 for all kinds of professional use cases. That’s why some of Europe’s biggest enterprises are among the tech company’s client base including German car rental market leader Sixt, Swiss telecommunications provider Sunrise, the world’s leading recipe box provider HelloFresh, and the international NGO, WWF.
A recent Series A funding round totalling € 6 Mil led by Redalpine (among others: N26, Taxfix) with existing investors Creathor Ventures (among others: Wunderflats, HeyJobs) and Piton Capital (among others: AUTO1 Group, McMakler), as well as several business angels (among others: Matthias Hilpert, Kai Hansen) also participating, will fuel the further growth of lengoo.
“We turn our clients’ past translation data into a real business advantage for them, delivering high
6-digit bottom line savings figures. The investment supports our move towards becoming the world’s number one provider of AI-powered enterprise-grade translations ”, says Christopher Kränzler, CEO of lengoo GmbH.
Neural machine translation technology has made a huge leap over the past years. Startups such as DeepL or Unbabel have shown the strong impact on niche applications. Yet none of these have made an impact on the professional translation space and existing large language service providers struggle to operationalize the technology in a scalable way. lengoo’s proprietary approach to custom-training neural machine translation engines now makes the
technology viable for the professional market and will move machine translation from behind the research desk to the forefront of the professional enterprise translations market.
“lengoo beats incumbent competitors with a higher translation quality, 50% cost saving, and lightning fast turnaround times. Custom-trained neural machine translation systems are changing the game and lengoo will disrupt the global language services market. We are excited to be part of the lengoo success story. ” explains Dr. Harald Nieder Partner at Redalpine, when asked why the VC
decided to invest in lengoo.
lengoo powers the future of translation. The AI-first translation tech company has automated the custom-training of neural machine translation systems for enterprise customers, who use the service to have professional translations made in more than 400 language combinations.
Over 3,000 business clients, including some of Europe’s biggest enterprises and unicorns, already trust in lengoo’s technology. Headquartered in Berlin, the company was founded in 2014 in Karlsruhe by Philipp Koch-Büttner, Christopher Kränzler, and Alexander Gigga. In 2016, lengoo participated in the Techstars accelerator program in Berlin and in 2018 was awarded with the Deloitte Fast 50 Award as one of the fastest-growing tech companies in Germany with over 600% growth. Christopher Kränzler also holds a seat on the Board of Directors at bitkom, Germany’s digital association.
Find more info on https://www.lengoo.com
Redalpine is an early stage investor focusing on disruptive and highly scalable business models. Its aim is to help ambitious entrepreneurs turn their visions into reality. To foster entrepreneurial success, Redalpine provides financial backing as well as relevant know-how and a reliable network. Redalpine invests in European ICT and Health-Tech start-ups. Current investments include mobile-first bank N26, smart tax assistant Taxfix, full-service staffing platform Zenjob and tumor diagnostics platform Lunaphore.
About Creathor Ventures
Creathor Ventures invests in technology-oriented companies that drive the automation of industry and business, and the personalization and digitalization of healthcare. The regional focus is on Germany and Switzerland. From its locations in Bad Homburg and Zurich, the 15-strong team currently supports over 30 tech and healthcare companies. Over the past 30 years, the management team has financed over 200 companies as lead or co-lead investors. More than 20 companies have been listed on international stock exchanges. Creathor Ventures currently manages a fund volume of over 230 million euros.
Further information can be found at: www.creathor.com
About Piton Capital
Piton Capital is a venture capital and growth equity firm based in London. It focuses on investments in online companies with network effects, such as marketplaces and exchanges. Its founding partners have deep entrepreneurial and investment experience, and have been instrumental investors in Betfair and QXL Ricardo, amongst others. Piton’s portfolio includes companies like Auto1 Group, McMakler, DocPlanner, Fanduel (merged with PaddyPower Betfair), Watchfinder (sold to Richemont), Quandoo (sold to Recruit), MeilleursAgent (sold to Axel Springer), Treatwell (sold to Wahanda), and DutyCalculator (sold to Borderfree).
Further Information: https://www.lengoo.com
Image: Christopher Kränzler, CEO lengoo © lengoo GmbH