Published Date : Jan 12, 2018
Artificial intelligence is playing a vital role in the expansion strategies framed by companies of all hues and sizes. Globally, brands need to bridge the gap between translation and the real communication for capturing new regional and local markets, with an aim to consolidate its customer base. Artificial intelligence (AI)-powered, human-driven translation platforms are emerging as potential ways to help companies achieve this. Unbabel, a multinational company headquartered in Lisbon, has recently secured US$23 million in Series B funding. The financing round is led by a U.S.-based venture capital firm Scale Venture Partners. Key players who participated in the financing round include Notion Capital, FundersClub, Caixa Capital, Notion Capital, Samsung Next, Salesforce Ventures, and Microsoft Ventures. The current funding round follows a US$5 Mn Series A round that took place in October 2016.
Translation Covers Multiple Text-Based Communication from Variety of Content Sources
Unbabel with over 55,000 human translators specializes in offering Translation-as-a-Service by developing human-refined translation platforms powered by machine learning technologies, which help enterprises reach their customers in their native language. The translation is done through its API and applies for content across multiple text-based communication from sources such as email, chat, and websites.
According to the CEO and co-founder of Unbabel, the company intends to use this funding to further bolster the application of AI and machine learning technologies. A vital area benefitted by this investment will be the sales and marketing functions of its business. A key challenge, contends the company, is creating sufficient awareness about the availability of a cost-effective platforms among consumers.
Human Intervention Makes Unbabel API Unique
A wide community of linguists who are aimed at perfecting the translation is what makes Unbabel API different from others. In addition, the varying level of interaction between humans and AI to suit the purpose of end-users is what makes it unique.
The scalable technology is likely to become more affordable as Unbabel reduces the cost of the technology per word, opines one of its customers.