Yes there is have a look at scala LLVM: http://greedy.github.com/scala-llvm/ It is under development. Some issues like garbage collection remain.
For more details and insights have a look at one of the relevant mailing list discussions: http://groups.google.com/group/scala-debate/browse_thread/thread/4ce486843cf7ef33/01ac59db9d8c5137?lnk=gst&q=LLVM+#01ac59db9d8c5137
You may also take a look at the rust programming language