GraalVM is an advanced virtual machine designed to run applications written in multiple programming languages, including Java, JavaScript, Python, and Ruby. It enhances performance by using a just-in-time (JIT) compiler that optimizes code execution, making applications faster and more efficient. Additionally, GraalVM supports interoperability between languages, allowing developers to call functions and use libraries from different languages within the same application. This flexibility simplifies the development process and enables the creation of more complex and powerful software solutions.