Riding the wave of AI enthusiasm, DeepL, a competitor to Google Translate in Europe, is valued at $2 billion
The translation platform DeepL, which uses AI, said on Wednesday that it had secured $300 million in new investment, indicating that large quantities of money are still being put down in the AI industry.
With the purchase, DeepL’s valuation rises to $2 billion under the leadership of venture capital company Index Ventures.
DeepL’s current valuation of $2 billion is double that of its January 2023 funding round of $100 million at a $1 billion valuation, which it obtained from investors.
Rivaling Google Translate, DeepL was founded and is led by Jaroslaw «Jarek» Kutylowski. He launched the app in 2017.
Following the announcement of the investment, Kutylowski spoke with CNBC on Wednesday and expressed his «extreme confidence» in the $2 billion value of the company, calling it «pretty moderate.»
Translation services between 32 languages are provided by DeepL, including English, German, French, Spanish, Italian, Polish, and Dutch.
Over the past several years, the firm has increased the emphasis on selling into enterprises, and among its current clientele are Zendesk, Nikkei, Coursera, and Deutsche Bahn.
