San Francisco-based enterprise translation startup, Lilt, announced it secured $25 million in Series B funding last week. Intel Capital led the round, which also featured contributions from Sequoia Capital and Redpoint Ventures. The firm currently counts Oracle, Zendesk, and Salesforce among its clients.
Innovative Multifaceted Approach
Lilt’s services stand out from the pack because it utilizes a multifaceted approach to language translation.
The startup provides human translators with an easy-to-use interface that employs hotkeys, termbases, style guides, and language memory to expedite processing. The company also uses a neural machine translation program to speed up workflow by a factor of 5. The firm also maintains an enterprise management system that allows clients to track their project process and oversee digital assets.
By harnessing cutting-edge artificial intelligence and human nuance comprehension, Lilt’s translation work is faster and more accurate than automated services.
The firm also provides organizations with the tools needed to perform vital communication tasks cost-effectively. With more than 110,000 employees across 60 countries, Intel needed a fast and affordable translation solution. The corporation integrated Lilt’s platform into its localization resources, and within months, slashed its translation costs by 40 percent year-over-year. Notably, the chipmaker did not reduce the amount or quality of its output during that timeframe.
The Future of Digital Translation
Intel found Lilt’s technology so impressive, it not only led its latest funding round, but Intel Capital VP Mark Rostick is also joining its board of directors. However, the corporation is far from the only major tech firm to take an interest in the startup’s game-changing enterprise platform.
Founded in 2015, the company has since secured $39.5 million in outside funding that allowed it to expand the capability of its core offerings. As the marketplace has grown increasingly globalized, the essential nature of Lilt’s services has only become more apparent. In the last five years, the firm has won the business of GitHub, WordPress, and Adobe.
The firm plans to use its latest capital infusion to become bigger and better. The company told Crunchbase it would use its Series B funding to further its research into natural language processing and facilitate the development of its platform. The startup will also utilize its new cash injection to advance its go-to-market plans.
Right now, Lilt’s clients use its technology to optimize their helpdesk, advertising, and e-commerce efforts. At scale, it is easy to imagine its human/machine translation tools helping a host of international merchants, service providers, and marketers increase their revenue significantly. Also, with shepherding from Intel, the company could become a household name sooner rather than later.