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COLOGNE, Germany, May 22, 2024 /PRNewswire/ — DeepL, the industry-leading linguistic AI company, today announced a $300 million investment, raising its valuation to $2 billion. Its oversubscribed funding round garnered strong support from new investors, who will bring their extensive experience, connections and resources to fuel DeepL’s growth and its long-term goal of revolutionizing the way businesses communicate around the world. In addition to the addition of new late-stage investors such as ICONIQ Growth and Teachers’ Venture Growth, among others, the round also included participation from existing investors such as IVP, Atomico and WiL.
“We are approaching a turning point in the AI boom where companies embarking on adopting this technology are beginning to discern between the hype and the safe solutions that actually solve their problems,” said Jaroslaw Kutylowski, founder and CEO of DeepL. “This new investment comes during what is on track to be DeepL’s most transformative year to date and highlights the crucial role our platform plays in solving the complex language challenges facing global businesses.” nowadays. We are focusing all our efforts on continuing to grow and innovate to expand our range of solutions and ensure they continue to lead the industry in quality, precision and safety. “This is how we approach a future in which all companies, wherever they are, will be able to easily operate on a global scale with the help of our AI.”
The new investment comes during a period of significant growth and popularity for DeepL, which has amassed a customer network of more than 100,000 businesses, governments and organizations around the world. This network includes companies such as Zendesk, Nikkei, Coursera and Deutsche Bahn, which rely on the high precision and security of their linguistic AI platform to optimize their communication and drive their international growth while saving costs. In response to growing demand from global businesses, DeepL has accelerated its expansion and strategic investments in key markets over the past year. In January 2024, DeepL opened its first office in the US in order to consolidate its commitment to the country that has already become its third main market. Since then, the company continues to expand its team in the United States to meet the growth in demand. In the last 12 months, DeepL has also substantially expanded its product offering for businesses. In April 2024, the company launched DeepL Write Pro, a writing assistant designed specifically for businesses based on its own proprietary LLM technology. Additionally, DeepL continues to increase the number of languages its platform supports with the recent additions of Arabic, Korean, and Norwegian, bringing the total number of languages it offers to 32.
“DeepL’s runaway success is an open secret in the corporate world,” said Danny Rimer, who led the investment from Index Ventures. «The company goes all out to create cutting-edge AI products that provide real and immediate value to its customers. Jarek and the rest of the DeepL team have found the perfect recipe for their company’s success: combining a business mindset with an emphasis on research.” Index Ventures has gained recognition for its investments in highly successful SaaS companies such as Figma, Slack, Wiz, and Scale AI.
The demand for AI solutions among global companies is continuously increasing. A recent IBM study revealed that 42% are already actively implementing AI and 40% are exploring its potential. In this evolving landscape, DeepL is leading the application of AI to transform the language industry, currently worth $67.9 billion and projected to grow to $95.3 billion by 2028.
Since its inception in 2017, DeepL has become the trusted provider of linguistic AI in a wide variety of sectors, from manufacturing, legal and retail, to healthcare, technology and professional services. DeepL’s specialized linguistic AI platform is a decisive investment for today’s global companies, as it allows them to successfully face all types of challenges, such as multilingual internal communication, serving customers around the world and reaching to new markets. Unlike general-purpose AI systems, DeepL’s cutting-edge translation and writing solutions are based on language-specialized AI models, resulting in more accurate translations for all types of use cases and a much lower risk of inconsistencies and erroneous information. Since accuracy is a crucial aspect of business translation and writing, specialized AI models are the most reliable and preferred solution to address linguistic challenges.
If this were not enough, DeepL’s linguistic AI has been shown to generate significant cost savings for companies by promoting more efficient operations. A study conducted by Forrester Consulting this 2024 revealed that the use of DeepL provided a 345% return on investment for global companies, reducing translation time by 90% and workload by 50%. The data speaks for itself: the platform offers great potential for any company looking to increase revenue and grow at scale quickly.
“At Zendesk we experience first-hand the potential of incorporating AI-powered tools into the customer experience and DeepL’s next-generation technology is the best example of this,” said Adrian McDermott, CTO of Zendesk. “Accurate machine translations allow any business of any size to grow on a global scale and communicate with their potential and existing customers in new ways. “The Zendesk platform is very flexible when it comes to integrating other tools, such as DeepL, and the tangible results we have seen so far from our joint clients make us excited to work and continue working with them.”
Looking ahead, DeepL will continue to invest in research and product innovation to strengthen its range of AI-based business communication tools. The German company is also betting on its expansion in the global market and the hiring of experienced professionals in multiple areas, such as AI research and its products, engineering, marketing and sales.
About DeepL
DeepL aims to break down language barriers for businesses around the world. DeepL’s linguistic AI platform has not only earned the trust of more than 100,000 companies, governments and organizations, but also millions of people in 63 markets around the world for the quality and naturalness of its translations and its assistant of writing. DeepL solutions prioritize business security and are specifically designed to help businesses optimize their communications, conquer new markets, and improve productivity. DeepL was founded in 2017 by its current CEO, Jaroslaw (Jarek) Kutylowski, and today has more than 900 employees and the backing of world-renowned investors such as Benchmark, IVP and Index Ventures.
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