Redalpine (among others: N26, Taxfix) leads the Series A round, alongside existing investors Creathor Ventures and Piton Capital.
Berlin, 01.09.2019
Lengoo supplies more than 3,000 of the biggest companies in Europe with AI-powered translation services in over 400 language combinations. Its highly innovative training approach of neural networks on the basis of clients’ language data has previously been backed by funding of the European Union. Using Lengoo’s proprietary technology, the company cuts translation costs by 50%, shortens turnaround times by a factor of 3, and increases the consistency of translations.
Based on its strong growth in recent years and very high satisfaction levels among clients, Lengoo secured €6 million of fresh capital in its Series A financing round for growth and further development of the product and the proprietary machine translation technology for enterprise clients.
The round was 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: Kai Hansen) also participating.
“Lengoo is a great example of machine learning based technology that makes a clearly defined and highly relevant commercial impact for their clients. We believe that the company has built up a unique competitive position, combining cutting-edge machine translation technology with their large pool of expert translators, linked via extremely efficient processes. It’s impressive how Lengoo already successfully competes with the incumbent providers to win enterprise customers. A great achievement of the team with lots of potential ahead, so we are delighted to support the growth of Lengoo.”, explains Dr. Harald Nieder, Partner at Redalpine, when asked why the VC decided to invest in Lengoo.
“The investment creates a solid foundation for the continued growth of Lengoo. We will focus on the further development of our neural machine translation technology, even better process integrations, and the development of customized services for our existing and future business customers. I’m delighted to welcome Redalpine to our group of investors”, says Christopher Kränzler, CEO of Lengoo.
“The (Deloitte Fast 50) award as one of the 15 fastest-growing tech companies in Germany shows that we have hit the mark with our seed investment and at the same time confirms our approach of investing in AI-based business models in the B2B sector“, maintains Cédric Köhler, Managing Partner at Creathor Ventures.
About Lengoo
lengoo powers the future of translation. The language tech company automatically customizes neural machine translation systems for enterprise customers, who can use their service to have professional translations made in over 400 language combinations. The over 3,000 business clients of Lengoo include Germany’s leading car rental company Sixt, Swiss telecommunications provider Sunrise, the world's leading recipe box provider HelloFresh as well as the international NGO WWF. 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 was awarded with the Deloitte Fast 50 Award in 2018 as one of the fastest-growing technology companies in Germany. Find more info on http://www.lengoo.com
About Redalpine
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. https://redalpine.com/
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).