Lithuanian interpretation startup Interactio has raised $30 million in a Series A round led by Eight Roads Ventures and Storm Ventures. Practica Capital, Notion Capital, Change Ventures, and Angel Investors Jaan Tallinn and Young Sohn also participated. The startup is reporting that the funding will be used to further support the exponential growth that was triggered during the pandemic.
Founded in 2014 by Domas Labokas, Henrikas Urbonas, and Simona Andrijauskaitė, and also known as Cloud Mic, Interactio provides real-time multilingual translation services for remote and/or hybrid meetings. Needless to say, when the jet-setting world was suddenly grounded, the need for Interactio’s offer shot through the roof.
“Since the pandemic hit the world, the Directorate-General for Interpretation of the European Commission had to go online for meetings with interpretation. Thanks to its performance, user-friendliness, and straightforward hybrid integration into our a/v infrastructure, Interactio became a platform of choice,” comments Frederic Pirotte, Compliance Manager with the European Commission.
Even before the series of lockdown after lockdown, multilingual events were cumbersome and expensive to produce for event organisers. Interactio had been working on pulling this decades-old method into the 21st century-long, namely by eliminating the proprietary a/v equipment that had to be distributed to event attendees in favour of something we all carry with us everyday: a smartphone. Or tablet. Or laptop.
“Interactio is a disruptor in a multi-billion dollar market, dominated by services-based incumbents that have 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. We have known Henrikas and his team for many years and have been impressed by what they have achieved so far,” concludes Eight Roads’ Lucile Cornet.