Prague-based Phrase lands €12 million in venture debt to upscale its machine translation workflows

The system provides workflows and automation to manage projects with language service vendors, internal linguistic resources and harnesses the latest in machine translation depending on the sensitivity of the work. 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.” Sean Duffy, Managing Director of CIBC Innovation Banking’s European office, said: “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.” Backed by the Carlyle Group, Phrase’s market leading software provides a platform to coordinate and track the progress of any localisation or translation activity across the business from start to finish, providing quality assessments and analytics along the way. 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.