Polish-founded AI-powered translator, DeepL, has secured an additional $300 million in investment, bringing its post-money valuation to $2 billion. In 2023, it raised over $100 million in funding, thereby achieving unicorn status.
- DeepL was founded in 2017 by Jarek Kutylowski. The platform is using AI to make human-like translations. As of now, DeepL can translate from over 30 languages and serves over 100,000 companies, governments, and other organizations worldwide.
- As DeepL claims, its AI technology is trained on linguistic data, making it more accurate and complex compared to its competitors. Users have the option to integrate DeepL into their browsers and workplaces
- The funding round was led by British venture capital firm Index Ventures, established in 1996. Index Ventures specializes in seed and Series A investments across Europe and the US. Notably, the firm has backed companies such as Adyen, Deliveroo, Dropbox, Farfetch, King, Slack, and Supercell.
“DeepL’s runaway success is a bit of an ‘open secret’ in the business community. The company is exceptionally thoughtful about creating cutting-edge AI products that deliver real and immediate value to their customers. Jarek and the rest of the DeepL team are equally research and commercially minded - both of which are key to the company’s success,” said Danny Rimer, Partner at Index Ventures.
- Other investor include ICONIQ Growth, Teachers’ Venture Growth, and existing investors IVP, Atomico, and WiL.
- The funding will support DeepL on its expansion to the US, Asia, and Latin America, as well as in its further development.
