DeepL, an AI-powered translation platform, has recently secured $300 million in new funding, bringing its valuation to $2 billion. The funding round was led by Index Ventures, with participation from ICONIQ Growth, Teachers’ Venture Growth, IVP, Atomico, and WiL. This investment marks a significant increase from the previous round in January 2023, where DeepL was valued at $1 billion after raising $100 million.
Founded in 2017 by CEO Jaroslaw Kutylowski, DeepL competes with Google Translate by offering translations between 32 different languages, including English, German, French, Spanish, Italian, Polish, and Dutch. The company plans to use the new funding to expand its presence in key strategic markets like the United States, where it has recently established an office. DeepL is also focusing on enhancing its solutions to cater to enterprises, with clients such as Zendesk, Nikkei, Coursera, and Deutsche Bahn.
Kutylowski emphasized the importance of growth and innovation to maintain DeepL’s position as a leader in quality, precision, and safety in the translation industry. He envisions a future where businesses can seamlessly operate on a global scale with the help of AI technology.
The growing interest from investors in DeepL reflects the continued enthusiasm for AI-focused ventures. Despite the challenging economic climate, venture capital firms like Index Ventures are willing to bet on innovative technology companies like DeepL. As the company expands its reach and enhances its offerings, it is poised to make a significant impact in the competitive translation market.
Overall, DeepL’s recent funding success signals a promising future for the company as it continues to drive innovation and expansion in the AI translation space. With a strong focus on quality, precision, and safety, DeepL is well-positioned to meet the evolving needs of businesses operating on a global scale.
Article Source
https://www.cnbc.com/2024/05/22/deepl-ai-rival-google-translate-2-billion-valuation.html
