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.”
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