Smartcat Raises $43 Million Series C For Expansion of Enterprise Language AI

BOSTON, Sept. 10, 2024 /PRNewswire/ -- Smartcat, the enterprise language AI platform, today announced $43 million in Series C funding to accelerate its expansion. Smartcat's simple, intuitive platform uses AI to translate and create content for global enterprises, realizing significant ROI savings over traditional solutions. The round was led by Left Lane Capital. The financing will support the growing demand for Smartcat's AI-based translation and multilingual content generation solutions.

"Smartcat is known for bringing AI innovations to the enterprise in both translation and content creation. This new funding recognizes our success to date and will help accelerate our current and future AI offerings for global teams" said Founder and CEO Ivan Smolnikov, who has two decades of experience in enterprise language tech and AI, and is building a second successful company in this space. "We are grateful to Left Lane and our existing investors who continue to support our mission to be the comprehensive enterprise language AI solution for global teams, offering dozens of use cases across multiple departments."

Vinny Pujji, Managing Partner at Left Lane Capital, added, "Smartcat's leadership team has a solid track record of serving the enterprise translation market with a unique AI solution. As an early market mover, the company has a broad portfolio of customers and is uniquely positioned to compound the depth and quality of their product offering, continuing to lock-in competitive advantages over time."

Among its dozens of corporate use cases, including for learning & development, marketing, and product, Smartcat has recently released a full-cycle, multilingual AI video translation and dubbing solution for its over 1,000 enterprise customers including over 20% of the Fortune 500.

Smartcat also launched its first-in-class AI solution for the creation of learning content. Learning & Development teams can now create all of the learning content they need in any language including full courses, microlearnings, videos, quizzes, and AI video avatars. Smartcat's global enterprise clients have been quick to adopt this solution, allowing them to meet the ever-growing demand for learning content without the need for additional resources. 

"Smartcat's high quality AI translation, collaborative workflows, and proprietary network of human editors has transformed our global operations by delivering superior translated content in hours instead of months and for a fraction of the cost compared to our previously outsourced solution," said Mark Stauffer, Senior Learning & Development Manager for Brink's. "Smartcat's ease of use means any corporate team member can adopt it and quickly realize its benefits in a matter of days. Beyond translation, Smartcat's AI for learning content has streamlined the course creation process allowing us to develop full courses and microlearnings in minutes, using natural language inputs. It's groundbreaking."

Smartcat's AI continuously learns from your team and ever-expanding enterprise corpora to improve quality. With an unlimited seat model for global collaboration, Smartcat is one of the most effective solutions delivering outsized ROI for clients. Global teams can also use Smartcat AI to source editors through its proprietary, automated worldwide expert network of over 500,000 to help with content review when there are capacity constraints.

Clients continue to see outstanding results in terms of quality, turnaround time, and cost as it relates to AI multilingual content generation and AI translation. Many report creating 10 times more multilingual content with the same budget and in a fraction of the time. This in turn accelerates their global operations across the enterprise including sales, marketing and learning & development.

ABOUT SMARTCAT
Smartcat is the enterprise language AI platform. The cloud-based solution has over 100 use cases for all kinds of teams, including learning & development, marketing, localization, product, and ecommerce. Smartcat's client-tailored language AI translates any content into any language (over 280) and allows global teams to generate new content from existing corporate materials, making global operations simple for corporate teams. More than 1,000 global enterprises, including 20% of the Fortune 500, trust Smartcat to communicate all over the world.

To learn more about Smartcat and its AI solutions, visit www.smartcat.com.

ABOUT LEFT LANE CAPITAL
Founded in 2019, Left Lane Capital is a New York and London-based global venture capital and growth equity firm investing in internet and technology companies with a consumer orientation. Left Lane's mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy, including software, healthcare, e-commerce, consumer, fintech, medtech, and other industries. Select investments include Kings League, LOVB, Bilt Rewards, Blank Street, M1 Finance, Wayflyer, Masterworks, Talkiatry, Kittl, and more.

For more information, please visit www.leftlane.com.

SOURCE Smartcat