TLDR:
Smartcat, a language AI company based in Boston, has raised $43 million in a Series C round led by Left Lane Capital. The company plans to hire in Massachusetts for sales and business development roles. Smartcat offers AI-led content creation in addition to translation services and boasts over 1,000 enterprise customers, including 20% of the Fortune 500.
Full Article:
Smartcat, originally a computer-aided translation service, recently raised $43 million in a Series C funding round, indicating a growing confidence from investors in late-stage companies. The company, which is based in Boston and was founded in 2016, has transitioned into offering enterprise language AI solutions, including content creation tools.
The recent investment from Left Lane Capital marks a significant development for Smartcat, showing that the company’s pivot towards AI-led services has been well-received in the market. This funding will enable Smartcat to expand its workforce in Massachusetts, particularly in sales and business development roles.
Smartcat’s software aims to provide organizations with content in any language and format, catering to various use cases. The company’s generative AI products include platforms for creating learning content from existing materials, allowing companies to develop internal and external training courses with videos, quizzes, and readings.
With over 1,000 enterprise customers, including notable names such as Boston Scientific Corp. and Thermo Fisher Scientific Inc., Smartcat has established itself as a key player in the language AI space. The company’s move to Boston from Silicon Valley in 2018 has proven beneficial, with CEO Ivan Smolnikov leading the way for the company’s growth and innovation.
Overall, Smartcat’s success in securing a substantial Series C investment demonstrates the market’s recognition of the company’s value proposition and its ability to deliver tangible results to customers beyond the hype of AI technology. As Smartcat continues to expand its offerings and customer base, the company is poised for further growth and success in the language AI industry.
