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September 12, 2024 - Deals
Smartcat Secures $43 Million In Series C Funding Led By Left Lane Capital
Smartcat, an AI-powered translation platform founded in 2016 by Ivan Smolnikov, recently secured $43 million in Series C funding led by Left Lane Capital. This round boosts the company’s total funding to $70 million. Smartcat offers a comprehensive suite of tools and services for translating content into approximately 280 languages, combining AI translation with human review for enhanced accuracy. The new funding will support team expansion, product development, and marketing efforts. With over 1,000 corporate customers, including 20% of the Fortune 500, Smartcat aims to continue its growth in the competitive AI translation market.
INVESTOR: Left Lane Capital
ROUND: Series C
AMOUNT: $43,000,000
HQ: #Cambridge #Massachusetts
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Businesses Increase AI Spending As Anthropic Leads Adoption At 43.5%Ramp’s latest AI Index shows businesses are continuing to increase AI spending despite rising pressure from cheaper and open-source models. In July, the top 1% of businesses spent a median $7,400 per employee on AI, compared with $650 for the top 10% and $11.95 for the median firm, while Anthropic led business adoption at 43.5%, ahead of OpenAI at 39.7%.
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