- Lilt recently announced it raised $55 million in Series C funding. These are the details.
Lilt recently announced it has raised $55 million in Series C funding, bringing the company’s total raised to $92.5 million. And the funding round was led by Four Rivers, joined by new investors Sorenson Capital, CLEAR Ventures, and Wipro Ventures, and with participation from existing investors Sequoia Capital, Intel Capital, Redpoint Ventures and XSeed Capital. The company is planning to expand its research and product development, international footprint, and team with the new funding.
The company had recently expanded its business focus on Global Experience, a new way of creating and deploying multilingual experiences across every step of the customer journey. And as the business world becomes digital-first, customers increasingly expect a seamless, engaging customer experience, with language as a core part of that experience.
Understanding that language is a key tool in customer engagement, conversion, and loyalty, Lilt is going to continue with an expanded focus on enabling companies to build and deliver high-quality, consistent experiences across all languages and customer touchpoints. Powered by the Lilt Platform, Lilt’s innovative approach utilizes AI and automation to make global experience management faster, better, and simpler. Plus Lilt seamlessly integrates across business systems and customer touchpoints via the suite of native integrations, facilitating streamlined, automated content and information exchange for greater efficiency, speed, and customer outcomes.
Since securing its Series B funding in May 2020, the company has:
— Secured a wide variety of new enterprise and startup customers from industries ranging from education to crypto including Accelerate Learning, Orca Security, and Juniper Networks;
— Been awarded an AFWERX Small Business Innovation Research Phase II contract for language translation technology
— Added a number of supporting products and services including its suite of TMS Connectors, Multilingual Asset Management and Instant Translate, as well as updated versions of Lilt Insights and Lilt Translate;
— Developed 100+ neural machine translation models;
— Been recognized on the Forbes AI 50 list (3 years running), Business Intelligence Group’s Artificial Intelligence Excellence list (twice) and CB Insights AI 100 list, among other honors;
— Made several significant new hires, including leaders in the public sector, managed platform and people functions
KEY QUOTES:
“This new capital will help us improve service to customers and accelerate growth. With our new investors, and strong support from all of our existing investors, we are taking another significant step towards achieving our mission of making the world’s information accessible to everyone regardless of where they were born or which language they speak.”
— Lilt CEO Spence Green
“It has become clear that many ‘global’ companies are disconnected not only with their current customer base but with their total addressable market and the simple solution centers around language. Lilt is at the forefront of this global experience revolution with its unique approach to bringing human-powered, technology-assisted translations to global enterprises.”
— Farouk Ladha, Managing Partner at Four Rivers
