Wednesday, July 16, 2008

Lingotek Gets Series B, Investment From In-Q-Tel

Provo, Utah-based Lingotek said Wednesday that the firm has scored a Series B round of funding, and inked a strategic investment from In-Q-Tel, the venture capital arm of the Central Intelligence Agency (CIA). Lingotek, which develops technology focused on language translation, said that the Series B investment came from Flywheel Ventures and Canopy Ventures. In addition, In-Q-Tel made an investment in the firm, and is also in a work development and licensing program with the investment fund. Financial terms of the funding were not disclosed. According to LingoTek, the funding will go to expand business operations, distribution, and further develop its technology. Lingotek's products are used to help human translators manage workflow and work with machine translation and dictionaries. In-Q-Tel is a strategic investor for the CIA and also supports the broader U.S. intelligence community. More information »