Interactio raises $30M from Eight Roads, Storm Ventures to develop interpretation software, increase clients

SaaS News -Interactio,-a-remote-interpretation-platform,-grabs-$30M(source: SaaS Industry)
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At a Glance

Lithuania’s Interactio, which provides interpretation services in virtual meetings in any language, has raised $7M in a Series A funding round. This finance shall be invested in is product building to make it more accessible to those seeking interpretations and also to grow its team and client base

Vilnius, Lithuania-based Interactio has raised $30 million in its Series A funding led by Eight Roads Ventures and Silicon Valley’s Storm Ventures. Practica Capital, Notion Capital, and angel investors such as Jaan Tallinn, the co-founder of Skype, and Young Sohn, ex-chief strategy officer of Samsung, had participated in the funding.

What do they do?

Founded in 2014, Interactio is a remote interpretation platform that provides digital tools to connect meetings with interpreters, who bridge language gaps between participants in such meetings. 

Interpretations are offered in an unlimited number of languages for each event. Interactio claims it has hosted over 18,000 meetings across 70 countries for about 390,000 listeners. 

Alongside interpretations, Interactio offers a video conferencing platform, which can be used remotely and at the same time be integrated with third-party software such as Zoom, Webex, and others. Over 43 different video streaming platforms had used Interactio’s digital tools last year.

According to an Interactio spokesperson, their ability to offer a fully hybrid solution differentiates them from their competitors in the market. She stated that in the initial stages, they had planned on replacing their competition’s simultaneous interpretation software for on-site interpretation with their interpretation software (requires only a phone and headphones, no additional hardware), and added,

“However, for institutions, which became our primary focus, hybrid meetings are the key, so we started partnering with simultaneous interpretation hardware manufacturers and integrators by working together on hybrid events, where participants use hardware on-site, and online participants use us.”

Interactio spokesperson

Reports indicate that the fresh funds shall be used to enhance its user experience and interface (UX/UI)- to ensure simplicity for those in need of interpretation. Interactio also aspires to upgrade its tools, expand its client base with corporates and other types of customers, increase its team size by growing the number of qualified interpreters it works with.

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