Phrase, a Prague, Czech Republic-based cloud-based localization software provider, secured a debt funding facility of €12 million from CIBC Innovation Banking.
The funds will be used to further develop the next generation of AI-driven language technology.
Launched in 2010 to provide translation and localization technology to global businesses, Phrase has developed a unique platform that enables companies to connect, manage and automate every task involved in translating and localizing content or software across an organization in a centralized hub.
The system provides workflows and automation to manage projects with language service vendors and internal linguistic resources and harnesses the latest in machine translation depending on the sensitivity of the work.
Georg Ell, Phrase CEO, said: “CIBC Innovation Banking’s financing will help us take our localization technology to the next level as the latest innovations in AI and machine learning continue to take off. Our business has seen tremendous growth as we’ve delivered on supporting our global clients at scale via the ease of use and connectivity our platform provides, and this investment will allow us to capitalise on the high-growth AI market.”
Phrase has more than 300 employees and over 4,500 customers across Europe, Asia-Pacific, and North America.
Company: Phrase GmbH
Raised: €12.0M
Round: Debt Funding
Funding Month: July 2023
Lead Investors: CIBC Innovation Banking
Additional Investors:
Company Website: https://phrase.com/
Software Category: Localization Software
About the Company: Phrase provides cloud-based localization solutions that enable organizations of all sizes to open the door to global business through advanced automation and a broad variety of integrations. The Phrase Localization Suite is equipped with the leading translation management system, a specialized platform for software and digital products, and it supports 500+ languages, 50+ file types, 30+ machine translation engines, and 50+ integrations. The enterprise-grade suite enables users to drive growth with a connected ecosystem of tools.
Source: https://www.businesswire.com/news/home/20230719105130/en/CIBC-Innovation-Banking-Provides-%E2%82%AC12m-Financing-Package-to-Language-Technology-Business-Phrase