I found a few interesting translation industry stories which I would like to share with you.
MyGengo raised another $1 Million of seed money (read the Techcruch post about it here). They also made some staff additions. I met with MyGengo CEO Robert Laing last December in Paris at the LeWeb conference and wrote a blog post about this company. MyGengo’s main backer is Dave McClure, a high-profile tech investor with a fund called 500startups.com. If you’ll read my blog post from last December, you’ll see that I anticipated this new round of funding:
Dave and Robert probably met with some investors at LeWeb, so it would come as no shock if MyGengo announces a second round of financing in the near future.
Another round of funding is great for MyGengo. Brute force is the name of the game. And it looks like the investors will probably do well. MyGengo reported that they translated about 5 Million words in the last quarter. At an average price of $0.07 a word this comes to an annual pace of $1.4 Million in sales. If they can scale that up in the next few years then the ROI on this investment should be good.
New online phone interpretation website. Lingoking (www.lingoking.com) is a German startup which offers online phone interpretation services for Euro 1.69 a minute. They offer a large pool of interpreters and enable users to order phone interpretation services online and engage automatically with the interpreters.
I have an unconfirmed report that Transperfect Translations has agreed to acquire a translation company from Israel. Why Israel? I’ll write another blog post about this when/if the news becomes official.