Intento, a machine translation and AI start-up, has announced that it has raised USD 8m in Series A funding. The company has now raised a total of USD 12.3m to date, with the latest funding representing its first major investment since its seed funding in 2020.
The Series A funding was led by Somersault Ventures, with additional participation from I2BF Global Ventures, Flint Capital, Scorpio Capital, Courtyard Ventures, Davidovs Venture Capital, and existing investors.
The California-based company will use the funds to boost growth in its generative AI platform, Enterprise Language Hub, which has reported two-fold growth in deal velocity in 2023.
Alex Turbanov, Partner at Somersault Ventures, said that “the Intento team is building a truly unique product with a forward-looking approach to address what large enterprises need, giving them full control and easy deployment of machine translation and unparalleled ROI.”
LLMs Boost Investment
As the language services industry is looking into adopting large language models (LLMs), Somersault Ventures stated that there are “great synergies of the Intento platform with LLMs both in translation workflows and providing similar orchestration solutions for many other emerging applications.”
Intento’s co-founder and CEO, Konstantin Savenkov (who appeared on SlatorPod in November 2022), confirmed that “performance has surged with advancements in large language models in early 2023.”
Speaking with Slator, Intento stated that its platform leverages generative AI technology across the translation workflow, from source content quality improvement to machine translation quality estimation to automatic post-editing.
According to the company, source content quality improvement alone may yield up to 20-25% reduction in post-edit distance, and generative AI-based post-editing – trained on human edits – can yield an additional 20-25% reduction in post-editing based on custom neural machine translation models.
Intento concludes that its vision for the next 2-3 years is to “automate localization” through “the wide range of language skills beyond machine translation, using generative AI”.