Madrid-based Lang.ai that develops no-code platform for businesses has reportedly raised USD 2 million in its latest seed funding round. For the record, the round was led by Village Global and saw participation from Ocean Ventures, 2.12 Angels, Alumni Ventures Group, Lorimer Ventures, GTMFund, and Acceleprise.
Incorporated in the year 2018, Lang.ai was established to give any business user the ability to develop enterprise-ready language processing models in a short time. The firm’s SaaS-based platform allows business users to develop any free-text data along with custom categories that are built through a drag and drop interface, based on the AI- extracted concepts.
In a statement, Jorge Peñalva, Co-Founder and CEO, Lang.ai, said that the company aims at providing a way for non-engineers to automate repetitive tasks such as claims processing and customer services. The solution can be installed on the company’s or the user’s cloud.
Peñalva further stated that the newly raised funds will help the company meet the growing demand in the form of projects from larger customers.
Citing reports, Lang.ai witnessed an increase in its revenue by two-folds during the last quarter of 2020 to the first quarter in 2021.
Speaking about the AI solution, Peñalva mentioned that Lang.ai’s product studies customer’s historical data within “minutes” and recommends AI-extracted concepts to develop custom categories through a drag and drop interface.
These categories are then applied in real-time to automate tasks like routing of support tickets, manual tagging, processing of insurance claims along with dispatching of field engineers to incoming orders.
Seemingly, the company’s wide community of users, called the Citizen NLP Builders, comprises many non-technical business roles that range from customer service operations to business analysts, marketers, and UX designers.
Some of the many notable clients of Lang.ai include Playvox, Freshly, Userzoom, Yalo Chat, Bancolombia, and Spain’s CaixaBank.