Technology Startup Waverly Labs Draws Crowdfunding Support for Language Translation Device
By James White
Thursday, 15 July 2021
In the business world and in one’s personal life, language has the potential to become an obstacle. While professional translators are able to bridge the gap in communication between individuals, it is not always feasible or cost-effective to have the service constantly available. Translation technology startup Waverly Labs is actively pursuing investments from crowdfunding investors to support the release of its interpreter earpiece.
Securing New Funding
The wearable language technology company is finding new financing through the StartEngine crowdfunding platform. Over the course of the campaign, the startup business is prepared to raise up to $10 million in new funding from investors. Waverly Labs is currently offering investors equity in its translation technology business at $8.86 per share with a minimum investment of just over $496. Almost 900 Investors have contributed to the campaign thus far, generating over $1.2 million for the wearable technology company.
“We started Waverly Labs out of a desire to solve a global challenge with our Pilot Smart Earbuds,” writes Andrew Ochoa, co-founder and CEO of the startup business. “Now as we release Ambassador Interpreter, we realize a new evolution of what’s capable with our technology as we solve the language barrier for professionals and businesses alike.”
Prior to launching the newest crowdfunding campaign, Waverly Labs was able to successfully generate $7.1 million for its translation technology company over the course of several equity and product crowdfunding rounds.
Breaking Down Language Barriers
The Brooklyn-based startup company was founded in 2014 by Ochoa and Sergio DelRio Diaz. In 2016, the translation technology business launched its first pair of all-purpose earbuds.
The debut product was designed for everyday use for the purpose of streaming music and taking phone calls with the added capability of using a limited language translation software. Now, Waverly Labs has created a purpose-built earpiece especially for performing real-time interpretation.
The newest device crafted by the wearable technology company is able to interpret 20 different languages and 42 dialects. The startup claims that its device can capture speech from up to eight feet away, while synching up to four devices together to keep multiple users in the conversation. As more users use the translation device, machine learning algorithms will work to make the software more accurate.
Waverly Labs plans to generate additional business revenue outside of unit sales by offering a premium subscription for users seeking added features like offline translations and saved transcripts.
Disrupting the Translation Services Market
The startup company is disrupting a growing industry with its convenient wearable technology. Market research projects the global translation services market to reach over $46 billion by 2027 at a CAGR of 2.1%.
According to freelancing platform Upwork, translators are frequently paid between $15 to $25 per hour on the website. Waverly Labs aims to provide a more cost-effective and accessible language solution for both business professionals and travelers. The wearable device created by the startup retails for about $200, and the company has indicated on its campaign page that its premium subscription service will likely cost somewhere between $4 to $10 a month, making its product very competitive with traditional translation services.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.