AI Translation Startup Raises $300M, Valuation Grows to $2B

DeepL plans global expansion to help businesses solve complex linguistic challenges

Ben Wodecki, Jr. Editor

May 29, 2024

2 Min Read
Colleagues discuss a marketing campaign
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DeepL has raised $300 million in a venture funding round to help businesses use AI to translate content at scale.

Founded in 2017, DeepL is a German startup developing AI-powered translation tools. Businesses can use its Language AI platform to translate communications including marketing materials quickly.

Index Ventures led the round, joined by ICONIQ Growth and Teachers’ Venture Growth. Existing investors IVP, WiL and Atomico also participated.

The latest funding raises DeepL’s valuation to $2 billion.

The startup plans to use the funds to invest in research and product innovation.

DeepL also intends to expand globally and to employ more staff across areas including research, engineering and product.

“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,” said Jarek Kutylowski, DeepL’s founder and CEO. 

“This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today.”

DeepL has developed specialized AI models designed for translation tasks. The models power its enterprise-focused Language AI platform and can translate content so users can tailor materials for a specific market.

Related:ChatGPT Makes Humanoid Robot Multilingual

The company says its customer network has expanded to over 100,000 businesses across various industries, including health care, retail and manufacturing. Zendesk, Deutsche Bahn and Coursera are among its customers.

“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,” said Adrian McDermott, Zendesk’s chief technology officer. 

“The ability to have accurate AI translation allows companies from startups to large enterprises the ability to scale globally, reaching prospects and existing customers in new ways.”

The company previously demonstrated its translation tools in a humanoid robot, Ameca, enabling it to speak multiple languages. Combining DeepL technology with OpenAI’s GPT-3 language model, engineers taught the robot to speak Japanese, German, Chinese and French.

“We’re highly focused on continued growth and innovation to expand our solutions and ensure they remain industry-leading in terms of quality, precision and security,” said Kutylowski. 

“This will bring us closer to a future where every company, regardless of location, can operate seamlessly on a global scale with our AI.”

Related:AI Startup Roundup: Modernizing Car-shopping, Generative AI Tools

About the Author(s)

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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