PARIS — DeepL, an artificial intelligence-powered translation platform, announced Wednesday that it has raised $300 million in new funding. This shows that investors are still willing to invest heavily in the AI space.
The deal, led by venture capital firm Index Ventures, increases DeepL’s valuation to $2 billion.
ICONIQ Growth and Teachers’ Venture Growth participated as new investors, as well as existing investors IVP, Aomico and WiL.
DeepL is now valued at $2 billion, double its previous round of funding in January 2023, when it raised $100 million from investors at a $1 billion valuation.
DeepL was founded in 2017 by founder and CEO Jaroslaw “Jarek” Kutylowski and is a competitor to Google Translate.
“We are extremely focused on continued growth and innovation as we expand our solutions and ensure we continue to lead the industry in quality, accuracy and security,” Kutirowski said in a statement Wednesday.
“This brings us closer to a future where any company, anywhere, can leverage our AI to seamlessly operate on a global scale,” he added.
DeepL provides translations between 32 different languages, including English, German, French, Spanish, Italian, Polish, and Dutch.
The company said the new funding round will provide it with a source of capital to invest in research and development as well as expand and grow in key strategic markets like the United States. The US is currently DeepL’s third largest market. DeepL opened its first US office in January.
The company has focused on enterprise sales in recent years and now counts clients such as Zendesk, Nikkei, Coursera and Deutsche Bahn.