DeepL's self-assessment is worth $2 billion.
DeepL has garnered attention for its translation software. This Cologne-based startup has now successfully raised $300 million from international investors to fuel its growth, impacting its valuation.
Notably, DeepL, a top global AI language tech provider, has previously faced off with Google Translate. Their app is now challenged by OpenAI's ChatGPT. Beyond its free option for short text translation, DeepL offers a paid service for large-scale translation needs, ensuring data security.
Founded and headquartered in Cologne, the firm is valued at $2 billion following this latest funding round. Index Ventures, along with ICONIQ Growth and Teachers' Venture Growth, as well as existing investors IVP, Atomico, and Wil, lead this financing round.
DeepL's rapid expansion to over 60 markets, spanning 32 languages, is attributed to the swelling demand from corporate users. With over 100,000 companies, governments, and other organizations in its clientele, including Deutsche Bahn, this successful German AI startup recently added a writing assistant with AI to its suite of products.
The AI-powered writing assistant, DeepL Write Pro, is the first DeepL product to stem from their in-house large AI language model (LLM). LLMs are machines that learn to comprehend and produce human language. Distinguished LLMs include OpenAI's GPT, Google's Gemini, and Meta's Llama.
Due to the wide demand for professional translation from various players, DeepL is currently witnessing "rapid growth." This expansion spans 60 markets and includes 32 languages. Primarily, more than 100,000 businesses, governments, and other organizations utilize the Cologne-based software, including Deutsche Bahn.
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Investors continue to show interest in DeepL's growth, as artificial intelligence plays a significant role in its translation software. With this new funding of $300 million, start-ups like DeepL are leveraging AI to expand their services, offering solutions such as the AI-powered writing assistant, DeepL Write Pro.
Source: www.ntv.de
