Language I/O (LIO), a leading provider of real-time, accurate translation technology, has successfully raised $8 million in its Series A1 funding round, which was led by Joint Effects, a Venture Capital firm based in Boston, MA. The Wyoming Business Council’s Wyoming Venture Capital (WYVC) Fund was the largest investor in the round, with participation from Gutbrain Ventures, PBJ Capital, and Omega Venture Partners.
The funding will be utilized to bolster the LIO machine learning (ML) team and further enhance the platform’s capabilities by integrating generative AI. This advancement aims to improve the quality of real-time translations and ultimately create language-specific, LLM-powered chatbots.
Heather Shoemaker, the founder and CEO at Language I/O, expressed enthusiasm about the funding, stating that it will allow the company to leverage generative AI’s power to provide enterprises with superior translation capabilities. She also emphasized LIO’s commitment to data security and privacy, ensuring that customer data collection and storage are limited.
The translation service market is expected to experience substantial growth, projected to reach $47.21 billion with a 2.60% CAGR by 2030, driven by the increasing demand for multilingual translation technology.
Language I/O aims to leverage machine learning and generative AI to enhance the accuracy and efficiency of its real-time translation platform for businesses. By removing language barriers in both internal and external business communications, LIO seeks to enable seamless global communication, empowering businesses to deliver exceptional customer experiences across diverse markets.
Tuomo Vuolteenaho, Managing Member at Joint Effects, expressed pride in supporting Language I/O, recognizing the company’s track record of innovation and its role as a key player in the translation industry. The investment reflects a shared commitment to breaking language barriers and fostering global collaboration.
This funding round also marks the first investment by the Wyoming Business Council’s WYVC Fund, which aims to support the growth needs of high-growth companies in Wyoming. Language I/O is viewed as an ideal first investment for this initiative, given its positive impact on Wyoming’s local economy and its advancement in cutting-edge technologies.
Heather Shoemaker highlighted Wyoming’s history of empowering local communities and women leaders, being the first state to grant women the right to vote. She expressed pride in being part of the program and looks forward to paving the way for future generations of female entrepreneurs alongside her team at Language I/O.