LILT has successfully raised $37.5 million over four funding rounds, attracting significant interest from prominent investors like Sequoia Capital, Intel Capital, and Redpoint. The company offers a cutting-edge translation platform that combines human expertise with AI efficiency to deliver high-quality, scalable, and affordable translation services.
Keep reading to explore the intricacies of LILT's fundraising journey and the investors backing this innovative platform.
What Is LILT?
LILT, founded by John DeNero and Spence Green, is headquartered in the Bay Area. The company specializes in AI-powered translation services, combining human expertise with machine efficiency to deliver high-quality translations.
With a team of 51-200 employees, LILT aims to make it possible for every organization to communicate with their customers in the language of their choice. They offer a range of services, including human-verified translation and instant machine translation.
LILT's technology is used by some of the largest Fortune 500 companies, providing personal customer experiences in over 300 languages. The company integrates with more than 60 business systems to streamline operations.
How Much Funding Has LILT Raised?
- Series B
- Amount Raised: $25,000,000
- Date: May 2020
- Motivation Behind the Round: To expand market presence and accelerate growth.
- Series A
- Amount Raised: $9,500,000
- Date: October 2018
- Lead Investors: Sequoia Capital, Zetta Venture Partners, Redpoint Ventures, XSeed Capital
- Motivation Behind the Round: To support the growth and development of LILT's AI-powered translation software.
- Seed
- Amount Raised: $2,350,000
- Date: November 2016
- Lead Investors: Redpoint Ventures, XSeed Capital
- Motivation Behind the Round: To transition from statistical to neural machine translation, enhancing automated translations.
- Unknown
- Amount Raised: $650,000
- Date: May 2015
- Motivation Behind the Round: To kickstart the company's initial development and market entry.
Total Amount Raised: $37,500,000
Current Valuation: $100,000,000 (~estimated)
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm known for its investments in early and growth-stage companies. Bill Coughran from Sequoia joined LILT's board as part of their investment.
- Investment Focus Areas: Technology, healthcare, consumer services, financial services
- Notable Investments: Apple, Google, WhatsApp
- Intel Capital
- Details: Intel Capital is the investment arm of Intel Corporation, focusing on technology startups. They aim to drive innovation and growth in the tech industry.
- Investment Focus Areas: Technology, AI, cloud computing
- Notable Investments: VMWare, Red Hat, Cloudera
- Redpoint Ventures
- Details: Redpoint Ventures is a venture capital firm that invests in startups across various stages and sectors. They led LILT's $2.35 million seed round.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: Netflix, Stripe, Twilio
- Zetta Venture Partners
- Details: Zetta Venture Partners is a venture capital firm focused on investing in AI and machine learning startups. They participated in LILT's Series A funding round.
- Investment Focus Areas: AI, machine learning, data analytics
- Notable Investments: Tractable, Clearbit
- XSeed Capital
- Details: XSeed Capital is a venture capital firm that provides seed funding to early-stage technology companies. They have been involved in multiple funding rounds for LILT.
- Investment Focus Areas: Early-stage technology, AI, enterprise software
- Notable Investments: Lex Machina, Theatro
What's Next for LILT?
With the recent influx of $9.5 million from Sequoia and other investors, LILT is poised to capitalize on the growing demand for AI-powered translation services. The company aims to enhance its technology, potentially transitioning to a neural machine translation model, which could open doors to new markets and industries.
Future fundraising opportunities seem promising, given the backing of high-profile investors and the increasing need for efficient translation solutions. However, LILT will need to navigate challenges such as competition from established players and the high costs associated with continuous technological innovation.
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