Tel Aviv-based startup OneHour Translation has raised $10 million in its Series A funding round from venture capital firm Fortissimo Capital, TechCrunch reported. Co-Founder Lior Libman also said that Fortissimo Capital "acquired one third" of the company that provides speedy translation services. OneHour Translation will use the money to further its international growth.
A crowdsourced-style system is utilized by OneHour Translation to quickly translate documents. They promise a quick turnaround time of one hour per page. It currently has 50 employees worldwide but is looking to double its staff and support personnel.
So far, the firm has processed 2.5 million projects through their crowdsourced model. The firm gives projects to their group of 15,000 active translators who then work on them and hand over the finished work to the client. Libman said that the company takes pride in the fact that women comprise more than half of the company's employees. He said they plan to continue this trend.
OneHour Translation was founded by Libman, Ofer Shoshan, Oren Yagev and Yaron Kaufman they finding out that they wanted to translate their financial blog instantly. Libman said, "We started a project that turned into OneHourTranslation to provide such a service."
According to a Geektime report, the company's roster of customers includes Coca Cola, the US Army, IBM, Strausse, El Al and Comverse. OneHour Translation does not provide the pricing model publicly but potential clients can get in touch with the firm to get a quote as well as estimated time frame for the projects, the report said.
Geektime reports that OneHour Translation also competes with the likes of TransPerfect which has been operating in the field for more than 20 years as well as a Moravia and Ackuna which is a community of volunteer translators that incorporate a network of 20 thousand translators who can speak in 20 languages.
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