Artificial intelligence (AI) translation platform DeepL has raised $300m in the latest round of funding. The company that is trying to beat Google Translate with its AI-driven translation tool is now valued at $2bn, which is double the figure put on it in the last funding round at the start of 2023. The software can translate between 32 languages, including English, Spanish, French, German and Italian.
DeepL AI Translation Platform Valued at $2bn
Its new funding efforts were led by Index Ventures and could be taken as a sign that investors remain keen to put large sums of money into the AI space. ICONIQ Growth and Teachers’ Venture Growth, Atomico and WiL all took part in the funding round.
DeepL aims to use this cash to carry on growing so that it can make greater progress in key markets such as the US, as well as continuing its research and development. The North American market is already its third largest, though it only opened its first office there in January this year. Asia is another of its strong markets, and it plans to support additional Asian languages in the coming year.
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The business was founded in 2017 by Jarosław Kutyłowski, who is now the CEO. Kutyłowski said that he feels that the $2bn valuation is moderate and is confident that the company will live up to this figure.
Kutyłowski said in an interview that as the company is at the private stage, “multiples will be larger than [they are] for publicly traded companies at the later stage”. However, he added that he is trying to track a sensible course as DeepL grows.
