One Hour Translation Israel raises $10M
The Israeli startup that has managed some remarkable growth without raising funds so far is expecting to double the number of its employees in the coming months while it expands its translation services
Israeli startup One Hour Translation, the company offering professional translation services on the Web, announced today (Sunday) the completion of their first funding round of funding valued at $10M. The round was led by VC firm Fortissimo Capital and managed by Yuval Cohen – Chairman and Managing Partner behind Sodastream, among many other successes. The money will be put toward the expansion of OHT’s translation services and translation services sites, mainly through the increase of its translators.
Translate fast and to nearly any language
As its name suggests, OHT takes on small projects presented to the company that can be translated for customers within an hour while more complex projects can take several hours to several days. Alongside the impressive growth and efficiency of the translation service itself is the list of OHT’s world-wide customer base that includes the of Coca Cola, the U.S. Army, IBM, Strauss, El Al and Comverse. While the company does not publish its pricing model customers can contact the company and get a quote and an estimated time frame for projects within a relatively short amount of time.
It’s important to note that One Hour Translation is not the only company offering professional translation services with a broad deployment of translators. Among its competitors can be found TransPerfect – in the field for over 20 years, Moravia and Ackuna – a community of volunteer translators incorporating a network of 20 thousand translators who speak 20 languages and operating mainly in the mobile space.
“The goal is to significantly increase the expansion of the service we provide throughout the world and to become the largest online translation service in the world.” Says OHT CEO Ofer Shoshan in an interview with Geektime, “Today’s traditional programs are those old translation services who hold a majority of the market share. We actually tell them, ‘Let’s Make it more quick and efficient by doing it online. To date, we have grown organically without raising investment and have managed to become one of the two largest translation services operating online. Fortissimo’s investment will allow us to grow much more quickly and become the largest professional translation service in the world.”
One Hour Translation now hiring
One Hour Translation was founded in 2008 by Ofer Shoshan (CEO), Oren Yagev (CTO), Yaron Kaufman (CMO) and Lior Libman (COO). From its founding to the present the company has gotten on without any external funding and managing to build up a huge community of translators. The service is much more complex than auto translation services like Google Translate. The company has a network of about 15 thousand translators in over 100 countries around the world representing in total over 75 languages.
One Hour Translation has about 50 employees in Israel and abroad and has offices in Rehovot’s Science Park, Kiev, Bucharest and New York. Following the investment, OHT is planning to recruit another 40 employees including developers, salespeople, customer service reps and support. “We’re proud that over 50% of our employees are women,” said Lior Libman (COO) “We certainly intend to continue this trend.”