This investment coincides with increased
demand for AI-powered multilingual customer support and Language
I/O's go-to-market success.
CHEYENNE, Wyo.,
July 24,
2024 /PRNewswire/ -- Language I/O (LIO), a leader in
AI-powered, multilingual customer support technology, announced a
$5M fundraise led by Gutbrain
Ventures, a Venture Capital firm based in Boston, MA. The fundraise included
participation from several new venture firms inspired by Language
I/O's unique platform.
Bob Davoli, General Partner of
Gutbrain Ventures and current Language I/O investor, led the
original Series Seed in addition to this funding. "Because this
round was led by an existing investor, it presented less
distraction, allowing the company to focus and execute on their AI
roadmap," Davoli said. "It also adds fuel to recent revenue growth
to further scale their go-to-market team."
Language I/O CEO Heather Morgan
Shoemaker agreed, "We are seeing rapid growth and didn't
want to slow down to focus on fundraising. This success has been
fueled by increased demand for AI to automate multilingual customer
support, and we have been the vendor of choice for some of the
world's most recognizable brands due to our industry-leading
security and efficiency."
According to a recent study by Market Future Research, the
translation service market is expected to reach $47.21 billion at a 2.60% CAGR by 2030 due to
growth in multilingual translation technology. In addition, the
chatbot market is currently valued at $5.39 billion and is slated to reach $42.83 billion by 2033, according to Spherical
Insights.
Through the utilization of proprietary machine learning
(ML) and generative AI, Language I/O continues to improve the
accuracy and efficiency of its real-time translation platform while
simultaneously funding R&D efforts in the multilingual chatbot
space.
Key participants in this round also included the State of Wyoming's Venture Capital fund.
Headquartered in Wyoming, Language
I/O was the new fund's first investment last year. Also
participating in this round were Joint Effects, PBJ Capital, Omega
Venture Partners and the Raptor Group.
One of the new venture capitalist investors, Ken Lang, said he was excited about the space
where Language I/O operates. "I'm pleased to be a new Language I/O
investor. I was attracted to their strong management team, ability
to deliver secure customer support conversations in any language
through AI, world-class customers who continue to expand their
investment year over year, and compelling product vision."
About Language I/O
Language I/O is an AI-powered translation platform with seamless
integrations to Salesforce, Zendesk, ServiceNow, Microsoft,
and Oracle. With real-time, business-accurate translation
technology, Language I/O helps enterprise companies serve their
customers in over 150 languages with their existing teams. Language
I/O has industry-leading security, which encrypts all customer
personal information and adheres to a strict zero data retention
policy.
CONTACT:
PANBlast for Language I/O
languageio@panblastpr.com
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SOURCE Language I/O