Czech localization startup Phrase secures €12M in venture debt
Prague-based cloud-based localization software provider Phrase has secured €12 million in venture debt financing from CIBC Innovation Banking. The funds will allow the company to further develop the next generation of AI-driven language technology, EU-Startups reports.
- Founded in 2010, Phrase develops its own Localization Suite which is built to automate, manage, and translate all content into the languages of the audience, and the experiences they live. The company helps global businesses provide more efficient translations and localization through its workflows and AI-based technology.
- So far, Phrase has more than 300 employees and over 4,500 customers across Europe, Asia-Pacific, and North America, which is a major growth market for the company.
“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,”Sean Duffy, Managing Director at CIBC Innovation Banking’s European branch, comments.
- CIBC Innovation Banking is the arm of the Canadian Imperial Bank of Commerce, which is a Canadian multinational banking and financial services corporation. The Bank is headquartered in Toronto, Canada, but has offices in Europe.
- Phrase will use the fresh funds to further develop its AI-driven language technology to provide better service for localization companies.