TL;DR:
- Prague-based localization and translation software provider, Phrase, has secured €12 million in debt funding from CIBC Innovation Banking.
- The funding will be used to further develop Phrase’s AI-driven language technology.
- Phrase has experienced substantial growth since its establishment in 2010, with a workforce of 300 employees and a focus on the US market.
- The company’s platform simplifies the localization process, meeting the needs of global businesses.
- CIBC Innovation Banking recognizes Phrase’s potential for continued evolution and is excited to support its next stage of growth.
- Phrase CEO emphasizes the importance of AI and machine learning in driving the company’s localization technology to new heights.
Main AI News:
In a strategic move to capitalize on the thriving artificial intelligence (AI) market, Prague-based localization and translation software provider, Phrase, has successfully secured a debt funding facility of €12 million from CIBC Innovation Banking. The substantial funding injection will empower Phrase to propel the development of its cutting-edge AI-driven language technology, ushering in a new era of innovation and enhanced capabilities.
Since its establishment in 2010, Phrase has been dedicated to delivering exceptional localization and translation services to esteemed companies and renowned brands across Europe, Asia-Pacific, and North America. With an impressive workforce of 300 highly skilled professionals, the company has firmly established itself as a key player in the industry, with the United States serving as its primary market for growth and expansion.
The visionary leadership at Phrase recognized the growing demand for localization services among global businesses and responded by creating a revolutionary platform that streamlines and simplifies the entire process. This astute understanding of market needs has enabled Phrase to carve a niche for itself, earning the trust and loyalty of numerous clients worldwide.
Sean Duffy, the Managing Director of CIBC Innovation Banking’s European office, expressed great enthusiasm about supporting Phrase in its journey of continuous evolution. He acknowledged the company’s unwavering commitment to addressing the localization needs of global enterprises and commended their efforts in developing an intuitive platform that seamlessly bridges linguistic and cultural barriers. Duffy affirmed that the CIBC Innovation Banking team is eagerly anticipating the opportunity to collaborate with Phrase and contribute to its next phase of growth and success.
Phrase CEO, Georg Ell, highlighted the significant impact of CIBC Innovation Banking’s financing, emphasizing its pivotal role in driving the localization technology to new heights. Ell underscored the accelerated advancements in AI and machine learning and emphasized the critical need for innovative solutions to stay ahead in this dynamic landscape. With the continuous expansion of its global client base and the remarkable ease of use and connectivity offered by its platform, Phrase has witnessed remarkable growth and success. This strategic investment will enable Phrase to seize the immense opportunities presented by the high-growth AI market and solidify its position as a leader in the industry.
Conclusion:
Phrase’s successful debt funding of €12 million signifies its commitment to advancing AI-driven language technology in the localization and translation industry. With a focus on meeting the needs of global businesses and simplifying the localization process, Phrase has positioned itself as a key player in the market. The support from CIBC Innovation Banking further strengthens Phrase’s growth prospects, enabling it to capitalize on the high-growth AI market. As AI and machine learning continue to shape the industry, Phrase is well-positioned to lead the way in innovative language tech solutions.
