Prague-based localisation and translation software provider Phrase has secured a debt funding facility of €12 million from CIBC Innovation Banking. The funding will be used by Phrase to further develop the next generation of AI-driven language tech.
“We are delighted to be supporting Phrase as their software platform continues to evolve. They saw a clear need from global businesses for localisation services and have capitalised by creating a platform that makes the entire process easier and more seamless. The CIBC Innovation Banking team is looking forward to supporting Phrase on their next stage of growth,” says Sean Duffy, Managing Director of CIBC Innovation Banking’s European office.
Around since 2010, the software firm which provides localisation and translation services to companies and brands across Europe, Asia-Pacific, and North America has now grown to 300 employees and cites the US as its major growth market.
“CIBC Innovation Banking’s financing will help us take our localisation 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,” says Georg Ell, Phrase CEO.