Deepl CEO Jarek Jaroslaw.
Deep L
PARIS — DeepL, an artificial intelligence-powered translation platform, said on Wednesday it had raised $300 million in new funding, a sign that investors are still willing to spend big on artificial intelligence.
The deal, led by venture capital firm Index Ventures, raised DeepL’s valuation to $2 billion.
ICONIQ Growth and Teachers’ Venture Growth joined as new investors, with existing investors IVP, Atomico and WiL also participating.
DeepL is currently valued at $2 billion, double its previous funding round in January 2023, when it raised $100 million from investors at a $1 billion valuation.
DeepL was launched in 2017 by founder and CEO Jaroslaw “Jarek” Kutylowski as a competitor to Google Translate.
“We are highly focused on continued growth and innovation to expand our solutions and ensure they remain industry-leading in quality, precision and safety,” Kutylowski said in a statement Wednesday.
“This will bring us closer to a future where every company, regardless of location, can leverage our artificial intelligence to operate seamlessly across the globe,” he added.
DeepL provides translation between 32 different languages, including English, German, French, Spanish, Italian, Polish and Dutch.
The company said the new round of financing will provide it with funding ammunition to expand and develop in key strategic markets such as the United States and invest in research and development. The United States is currently DeepL’s third largest market. DeepL opened its first U.S. office in January.
The company has increased its focus on enterprise sales over the past few years, and current customers include Zendesk, Nikkei, Coursera and Deutsche Bahn.
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