Customer support translation platform Language I/O has closed an $8 million Series A1 funding round led by Joint Effects, a Venture Capital firm based in Boston, MA, while the largest investor in the round was the Wyoming Business Council’s Wyoming Venture Capital (WYVC) Fund. The funds will help expand the LIO machine learning (ML) team and platform that harnesses generative AI to improve real-time translation quality. The company also plans to build language-specific, LLM-powered chatbots.
“The recent AI boom has driven groundbreaking innovation, and this funding will allow us to harness the trusted power of generative AI to further develop our platform and provide enterprises with superior translation capabilities. As we continue to use this technology to innovate, LIO is dedicated to upholding data security standards by protecting customers' privacy and limiting data collection and storage. Our ability to raise significant VC funding during tough market conditions is a testament to the strength and value of our technology,” said Heather Shoemaker, founder and CEO at Language I/O.
One study predicts that the translation service market will reach $47.21 billion at a 2.60% CAGR by 2030 as the support for developing multilingual translation technology grows.
The company plans to further improve the accuracy and efficiency of its real-time translation platform and enable businesses to deliver exceptional customer experiences across diverse markets.
“Wyoming has a rich history of empowering its local communities, including women leaders. Known as the Equality State, it was the first to grant women the right to vote and is now at the forefront of elevating the tech ecosystem. I am proud to be a part of this program alongside the rest of my team at Language I/O and look forward to working with WYVC to continue paving the way for future generations of female entrepreneurs,” added Shoemaker.
