Deepl announces financing round14. January 2023
Deepl announces financing round
Berlin, Jan. 14, 2023
DeepL, a startup that uses Deep Neural Networks to offer translation-as-a-service to businesses, announced a funding round valuing the company at more than $1 billion. CEO Jaroslaw Kutylowski did not specify the exact amount, saying only that it was a “significant size.”
Earlier reports have estimated the amount at $100 million or higher. Leading the round was venture firm IVP, with participation from Bessemer Venture Partners, Atomico and WiL.
Since its founding in 2017, the Cologne, Germany-based company DeepL has developed a language translation engine based on a deep neural network approach.
The novel AI design can reportedly understand the nuances in sentences and phrases, and therefore render them more accurately in the language being translated.
A spokesperson for the company pointed out that Deepl mainly works with small and medium-sized businesses. It plans to spend the fresh funds on new product projects and further expansion into enterprise and basic AI research.
Translated with www.DeepL.com/Translator (free version)