Vilnius-headquartered remote interpretation platform Interactio, which saw its sales grow 12-fold in 2020 thanks to the lockdowns around the world, said it has raised $30 million in one of the largest Series A rounds ever in the Baltic countries.
“Our vision is to break down language barriers and make professional interpretation available to everyone. It has been fantastic to support the world’s leading institutions and enterprises to operate on a full hybrid or remote basis.”Interactio CEO and co-founder, Henrikas Urbonas
The new investment comes from global VC firms Eight Roads Ventures and Storm Ventures, with participation from Practica Capital, Notion Capital, Change Ventures and some known angels such as Jaan Tallinn and Young Sohn.
“Storm Ventures is thrilled to partner with Interactio and join their journey as they disrupt the archaic 30+ year-old live-translation space.”Pascale Diaine, Partner at Silicon Valley-based Storm Ventures
Interactio works with some of the world’s largest institutions (e.g. European Parliament, European Commission, United Nations) and corporates (e.g. BMW, JP Morgan, Microsoft) to provide real-time multilingual interpretation services for remote or hybrid meetings. The company hosted 18,000+ meetings with 390,000 listeners in 2020 alone in more than 70 countries.
“Interactio is a disruptor in a multi-billion dollar market, dominated by services-based incumbents that has remained undisrupted for the last decades. With its innovative product, this team is revolutionising how language interpretation is being used by global businesses and institutions,” said Lucile Cornet, Partner at Eight Roads.