(Bloomberg) -- Unbabel Inc., a language translator that uses artificial intelligence and human editors, has no “specific plans” for an initial public offering at the moment and aims to keep growing independently, Chief Executive Officer Vasco Pedro said.
Preparing for an IPO takes two years, Pedro said in an interview in Lisbon, where the company has its biggest office. Asked about the possibility of Unbabel being involved in a transaction with another firm, the Unbabel co-founder said there are no “specific intentions” of selling the company right now.
“Translation is going through a very interesting transformation moment because of AI,” Pedro said. “It might be that at some point it makes more sense to exist inside another organization. My goal is still very much to build a large company that solves a meaningful problem and exists independently. I think there’s a space for that.”
Unbabel has raised a total of $130 million in funding and Point72 Ventures is its biggest shareholder. “We’re not a unicorn yet,” Pedro said, referring to startups valued at more than $1 billion.
The company has 244 employees and collaborates with about 2,000 freelancers. It has annual revenue of about $50 million and offers services for more than 130 languages.
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