Dublin-based Iconic Translation Machines has raised €400,000 in seed funding from angel investors to target the €37bn global languages industry.
The investment will pave the way for 15 new jobs at the company.
The seed funding round of more than €400,000 came from a number of investors, including Enterprise Ireland, and business angel investment from Bloom Equity and the Boole Investment Syndicate through the Halo Business Angel Network (HBAN).
Glasnevin-based Iconic provides cloud-based translation solutions to language service and translation companies and targets the language industry.
The company’s flagship product, based on proprietary technology developed at DCU, provides cloud-based translation solutions to language service and translation companies and targets the language industry
The 15 new jobs will be filled by December 2016 and will bring the total employment at the company up to 25.
The majority of the new, highly-technical roles will be allocated to machine translation specialists and software engineers, with some positions in sales and marketing.
Iconic is looking to grow its presence in the financial services and life sciences sectors, following considerable success in the intellectual property field.
Jobs bonanza the fruit of a decade’s worth of R&D
Iconic was founded in 2013 by Dr John Tinsley and Dr Páraic Sheridan after almost a decade of R&D at the CNGL Centre at DCU.
The focused on developing a unique approach to machine translation with subject matter for highly specialist and technical domains.
Iconic’s flagship product automates the translation of intellectual property documents.
“Our team of experts has created machine translation solutions for content which had been considered too technical and challenging for automated translation,” said CEO Dr John Tinsley.
“We are excited about the strong growth we have already achieved in delivering translation technology to the very complex intellectual property and financial services sectors.”
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