Lingotek Announces Strategic Investment with In-Q-Tel, and Series B Round of Funding
Strategic Partnership with In-Q-Tel Plays Key Role in Intordicing Breakthrough Collaboative Translation Technology to the Intelligence Community
July 16, 2008
Lingtotek, the leader in collaborative translation technology, announced a strategic investment, work development, and licensing program with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the missions of the Central Intelligence Agency and the broader U.S. Intelligence Community. Lingotek provides a new and innovative platform to facilitate more efficient, faster language translation. This agreement will fund the development and enhancement of new translation solutions, including breakthrough global collaboration translation technology. The In-Q-Tel investment is also part of a Series B funding round, with participation by Flywheel Ventures, and Canopy Ventures. The funds will be used to expand business operations, distribution, and further develop Lingotek’s language technology capabilities.
“This strategic investment from In-Q-Tel validates Lingotek’s technology and strategy of enabling human language translators to capture, grow and re-use linguistic assets for both the commercial and government markets,” said Rob Vandenberg, Vice President of Sales and Marketing. “Our Series B round of financing will enable Lingotek to continue to develop innovative language solutions and increase our distribution to both markets.”
Lingotek technology uses centralized translation memories in all language pairs so that human translators can leverage their organization’s linguistic assets. Within the Lingotek translation interface, translation memories, machine translation, dictionaries, and project workflow are brought together to capture, grow, and re-use linguistic assets. Human translators will now have unprecedented control of the translation process. Collaborative translation technology, including Lingotek’s LingoPoint application, will enable human language users to rapidly translate content in all forms to be translated more quickly, accurately, and consistently.
“Lingotek is a critical addition to our strategic investment portfolio for language translation technology capabilities,” said Troy M. Pearsall, In-Q-Tel’s Executive Vice President of Technology Practices. “As part of our charter, we evaluate innovative technology advances with specific applicability to the challenges facing the U.S. Intelligence Community. In-Q-Tel is pleased to be partnering with Lingotek and we are impressed with their promise of significant developments in collaborative translation technology solutions for both the public and private sectors.”
Lingotek is the leading provider of Collaborative Translation Technology and Language Asset Management solutions designed to meet the requirements of organizations challenged with communicating, interacting, and commercializing a global audience. Lingotek’s software helps companies achieve unprecedented control over the translation process. Lingotek enables companies to capture, grow, and re-use their linguistic assets. More information, including technical whitepapers, industry solution studies and a list of the patents awarded to the company, is available at www.Lingotek.com.
About Flywheel Ventures
Flywheel Ventures is a venture capital firm that empowers entrepreneurs to build globally-competitive businesses based on innovations in information technology and the physical sciences. Flywheel typically makes the first institutional investments in companies with origins in the Mountain West region of the United States. The firm matches talented entrepreneurs and market opportunities with Flywheel’s capital, entrepreneurial experience, and industry relationships to accelerate innovations into profitable companies. Flywheel is based in Santa Fe and also has offices in Albuquerque and San Francisco. For more information on Flywheel, please visit www.flywheelventures.com.
About Canopy Ventures
Canopy Ventures is an early-stage venture capital firm targeting information technology and life science companies primarily in the state of Utah. Since Canopy’s founding in 1995, the firm has invested in more than 100 high-growth companies and made a significant contribution to the Utah marketplace. More information may be found at www.canopy.com.