Bering Lab Inc., a South Korea-based artificial intelligence technology-powered translation startup with specialties in legal, financial and intellectual property content, is looking beyond its home turf to achieve about 20 billion won ($14.4 million) in revenue in the next five years, said its chief.“Our priority is to become Korea’s dominant player by volume in the Korean (translation) market with strength in special domains, like legal space, and we hope to achieve that goal in three years,” Kim Jae-yoon, co-chief executive officer of Bering Lab, said in a recent interview with The Korea Economic Daily.“And then, we aim to join the global top 100 translation company club, which is open to a (translation) company with an annual revenue of 20 billion to 25 billion won in five years,” added Kim.“We are eyeing global revenue of about 20 billion won.”Global language services and localization industry intelligence firm Nimdzi Insights releases the Nimdzi 100, its global top 100 language service company list, ranking translation, localization, interpreting and language technology providers, every year.
The global translation market is estimated at about 80 to 90 trillion won, of which at least 16 trillion won is the professional translation market for specific domains such as legal, patent and clinical trials content, according to Bering Lab.“The market is vast, and more business opportunities are ahead,” said Kim.“General machine translation engines cannot cover everything for various reasons such as data security and quality issues.
Bering Lab is Korea’s sole translation company with a particular focus on legal, financial and IP content, according to Kim, who co-founded the startup in 2020 with co-CEO Moon Seong-hyun, who once worked as an attorney at the prominent law firm Yulchon in Korea.
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