Smartcat secures $43M for its AI-powered translation platform

Quick Summary:

This brings the company’s total raised to $70 million; Smolnikov says that the new cash will be put toward expanding its 200-person team, product development and various ongoing marketing and sales efforts.

At a high level, Boston-based Smartcat offers tools, apps and managed services to help companies translate written and spoken content — think e-learning courses, websites, files and software — into around 280 languages.

According to Grand View Research, the global market for machine translation solutions — which was worth $978.2 million in 2022 — could grow at a 13.5% compound annual growth rate from from 2023 to 2030.

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Article Details

Author / Journalist: Kyle Wiggers

Category: Technology

Markets: United StatesCuba

Topics: Funding Smartcat Fundraising Startups AI Enterprise Translation Startup Language

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 12:00:00 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1342 words

Reading Time: 8 minutes read

Sentences: 53 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © TechCrunch

News ID: 22448373

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