customer

CustomerZone360 NEWS

Free eNews Subscription

Language I/O Raises $8 Million in Funding for Real-Time Translation Technology

By Tracey E. Schelmetic August 08, 2023

One of the major advantages of AI-driven voice technologies is their ability to cross language barriers, providing content as well as customer support in a variety of languages. Translation technology is big business today thanks to the global nature of many companies’ operations. According to a recent study, the translation service market is expected to reach $47.21 billion at a 2.6% compound annual growth rate (CAGR) by 2030. Much of this predicted growth is expected to come thanks to venture capital support for companies developing multilingual translation technology powered by cutting-edge LLMs.

Language I/O (LIO), a provider of real-time, business-accurate translation technology, recently announced an $8 million Series A1 funding round led by Joint Effects, a Venture Capital firm based in Boston. The largest investor in the round was the Wyoming Business Council's Wyoming Venture Capital (WYVC) Fund. Key participants also included Gutbrain Ventures, PBJ Capital and Omega Venture Partners. The investment is expected to expand the LIO machine learning (ML) team and platform that integrates generative AI to improve real-time translation quality and to ultimately generate language-specific, LLM-powered chatbots.

Through the utilization of ML and generative AI, LIO aims to significantly improve the accuracy and efficiency of its real-time translation platform for business. By removing language barriers in internal and external business conversations, the company's pioneering platform will continue to foster seamless global communication, empowering businesses to deliver exceptional customer experiences across diverse markets, said LIO in a statement.

"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," said Heather Shoemaker, founder and CEO at Language I/O. "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."




Edited by Alex Passett
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

CustomerZone360 Contributor

SHARE THIS ARTICLE
Related Articles

Infobip Announces the Availability of RCS Messaging for MNOs With New API

By: Tracey E. Schelmetic    7/19/2024

Global cloud communications platform Infobip announced that it is the first company to offer A2P RCS Messaging for North America through a new API.

Read More

Top Retailer Uses Verint's Bot to Find Top Contact Center Talent

By: Greg Tavarez    7/19/2024

A Top 10 U.S. retailer used the Verint Interviewing Bot to reduce its hiring costs across approximately 2,000 new agent hires annually after deploying…

Read More

Intermedia Introduces Archiving Solution for Improved Access to Contact Center Interactions

By: Tracey E. Schelmetic    7/18/2024

AI-powered collaboration solutions provider Intermedia Cloud Communications recently announced the launch of Intermedia Archiving for its omnichannel …

Read More

Orange Cyberdefense Deploys NICE CXone to Eliminate Silos in CX Operations

By: Tracey E. Schelmetic    7/17/2024

Orange Cyberdefense recently chose NICE CXone to simplify mission-critical service operations for its customers across nine countries and sixteen site…

Read More

Best Business Automation Solutions in 2024

By: Contributing Writer    7/15/2024

This article reviews some of the most promising business automation solutions for 2024, from affiliate marketing to digital products.

Read More