Wyoming Business Council’s WYVC Funds leads round with first investment to grow state’s tech ecosystem
Language I/O (LIO), a leader in real-time, business-accurate translation technology, today announced its $8M Series A1 funding round led by Joint Effects, a Venture Capital firm based in Boston, MA. 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. This investment will help 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.
“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.”
According to a recent study, the translation service market is expected to reach $47.21 billion at a 2.60% CAGR by 2030, due to the rising support to develop multilingual translation technology.
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.
“Between Language I/O’s track record of innovation and their cutting-edge plans for what’s next, Joint Effects is proud to support a key player in the translation industry,” said Tuomo Vuolteenaho, Managing Member at Joint Effects. “The investment reaffirms our shared commitment to enhancing cross-cultural communication and paving the way for a world where language is no longer a barrier but a bridge to infinite opportunities. We believe in the transformative potential of Language I/O to redefine global businesses’ dynamics, ensuring seamless and accurate communication. As we journey together into the future, we look forward to seeing the groundbreaking impacts our investment will foster in breaking language barriers and strengthening global collaboration.”
This round also marks the first investment made by the Wyoming Business Council’s WYVC Fund which aims to support the innovation and growth needs of entrepreneurs across the state. WYVC is an equity financing option for Wyoming high-growth companies with an eye toward a future exit.
“Heather has helped foster a culture of community involvement and advancement in Wyoming. The creation and innovation of Language I/O has bolstered our local economy and brought our state to the cutting edge of burgeoning technologies,” said Gordon Finnegan, Business Council Equity Portfolio Manager. “Our goal is to elevate Wyoming startups so they can go beyond the initial check, and Language I/O is the ideal first investment for this initiative. We are thrilled to support Heather and her team and are confident they’ll continue to grow successfully.”
“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,” said Shoemaker. “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.”