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July 21, 2023

Prague's Phrase raises €12M debt funding to seize AI market

Prague's translation software firm, secures €12M from CIBC Innovation Banking to propel AI-driven language tech

Phrase, the Prague-based software provider specializing in localization and translation, has secured a significant debt funding facility of €12 million from CIBC Innovation Banking. This funding will be instrumental in developing Phrase's next-generation AI-driven language technology.

The support from CIBC Innovation Banking underscores the growing significance of Phrase's software platform, which addresses the clear demand for localization services among global businesses. By streamlining and simplifying the entire process, Phrase has successfully capitalized on this need, positioning itself as a leading player in the industry. Sean Duffy, Managing Director of CIBC Innovation Banking's European office, expressed excitement about supporting Phrase in their next growth phase, recognizing their continuous evolution and the value they bring to the market.

Established in 2010, Phrase has flourished, attracting a talented team of 300 employees. As the company expands, it identifies the United States as a key growth market, solidifying its presence across Europe, Asia-Pacific, and North America.

Phrase successfully securing €12 million in debt funding from CIBC Innovation Banking marks a significant milestone for the Prague-based software provider. With this boost, Phrase is poised to forge ahead in developing cutting-edge AI-driven language technology, further enhancing its localization and translation services. As the company expands its reach and targets new growth opportunities, its innovative solutions are set to reshape how businesses communicate across diverse markets, driving efficiency and ensuring seamless global connections.

Josefina Dipaolo
Josefina Dipaolo
Content Writer at TechNews180
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