AI All Funding Startup News in Korea (Korean Startup News)

XL8 Secures $7.5 Million in Funding to Advance AI-Powered Machine Translation and Localization Solutions

2023-09-26 2 min read

XL8 Secures $7.5 Million in Funding to Advance AI-Powered Machine Translation and Localization Solutions

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XL8, a leading deep-tech startup specializing in AI-powered machine translation technology, has closed $7.5 million in a Series A funding round, bringing the total fundraising thus far to $11.5 million.

This round was led by KB Investment, one of the prominent investment firms in the Korean venture capital and private equity markets. Additionally, Atinum Investment, an existing investor, also participated in this funding round.

The funds will be used to enhance XL8’s product offerings and further develop the core platform business, including leveraging generative AI capabilities into XL8’s proprietary AI technologies. Additionally, the newly raised funds will also help facilitate XL8’s global reach through international expansion into Europe, the Middle East, as well as further expansion throughout the Americas. XL8 has already initiated its global market expansion earlier this year into the UK, Turkey, and the UAE. Generative AI further to streamline the localization process, saving time and boosting efficiency.

By shifting the burden of transcription and translation work from purely human methods to a hybrid workflow that combines humans and machines, XL8 allows humans to focus on increasing output, as well as the creative aspects that only humans can provide. This shift will not only improve the efficiency of transcription and translation tasks but also enable translators and localization companies to increase their output, and therefore, earning potential.

Ji Ae Lee, Executive Managing Director of KB Investment, remarked, “In today’s interconnected world, the creation, consumption, and sharing of content transcend geographical boundaries in real-time, with an ever-expanding appetite for it. As video consumption has risen, the need for localization services remains on the rise. The smartest approach to meet this demand is by infusing AI technology into traditional workflows, thereby creating new markets and revolutionizing the industry.”

“In the 12 months since we launched our flagship product, MediaCAT, we have gained invaluable insights into the needs of localization professionals.”, Tim Jung, CEO of XL8, noted. “Our goal is to help localization professionals collaborate quickly and easily, and this round will help us advance our solution so that professionals around the world can focus on their creativity.”

XL8 stands as the world’s sole company dedicated to media-specific translation technology and aims to expand into various colloquial language-based business sectors. In July, the Company  announced its acquisition of A American High-Tech Transcription And Reporting, Inc. (AHT), widely renowned for its expertise in US Government related stenography, transcription, and translation services. This strategic acquisition marks XL8’s entry into new markets that extend beyond media and entertainment, encompassing all facets of contemporary colloquial communication. 

Beyond media and entertainment, XL8 aims to build strong partnerships and integrate solutions with companies in diverse industries that require localization, including live broadcasts, e-commerce, call centers, and live events and conferences.

[Startup News in Korea]

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