In order to assist companies in using AI to translate material at scale, DeepL Raises $300 Million in a venture capital round.
DeepL is a German firm that was founded in 2017 that makes AI-powered translation products. Businesses may rapidly translate communications, including marketing materials, using its Language AI platform.
Teachers’ Venture Growth and ICONIQ Growth joined Index Ventures in leading the investment. Participating were IVP, WiL, and Atomico, current investors.
With this new capital, DeepL is now valued at $2 billion.
The startup intends to invest the money in R&D and new product development.
Additionally, DeepL plans to grow internationally and hire more people in engineering, product, and research departments.
According to DeepL’s creator and CEO Jarek Kutylowski, “we’re approaching an inflection point in the AI boom where businesses who are racing to adopt the technology begin to discern between hype versus solutions that are secure and actually solve real problems in their business.”
“This new investment is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges that global companies face today, and it comes during what is expected to be DeepL’s most transformative year to date.”
DeepL has created AI models specifically intended for translation applications. The models enable customers to customize content for a particular market and fuel the company’s enterprise-focused Language AI platform.
The company claims that over 100,000 companies in a variety of industries, such as manufacturing, retail, and health care, are now part of its client network. Among its clients are Coursera, Deutsche Bahn, and Zendesk.
Chief technology officer of Zendesk Adrian McDermott stated, “At Zendesk, we see first-hand the power of infusing AI tools into customer experience and DeepL’s industry-leading translation is a prime example.”
“Accurate AI translation enables businesses of all sizes, from startups to established corporations, to expand internationally and connect with both new and current clients in novel ways.”
