DeepL, established in 2017 in Cologne, Germany, has rapidly emerged as a frontrunner in artificial intelligence-powered language translation. Even though it is a German company, Nordic investors have invested heavily in the company, (see below), and thus it can be thought of as a Nordic-supported innovation.
The company’s flagship product, DeepL Translator, enables users to translate text and documents across 33 languages, including recent additions like Korean, Danish, Norwegian, Swedish, Finnish, and Arabic. It has the ability to preserve nuanced meanings and context, often outperforming other translation tools in accuracy and fluency.
In April 2024, DeepL introduced DeepL Write Pro, an AI-driven writing assistant designed to enhance clarity, tone, and style across multiple languages. This tool assists users in refining their writing, ensuring that communications are not only grammatically correct but also culturally and contextually appropriate.
DeepL’s innovation lies in its proprietary neural network architecture, which captures subtle linguistic nuances, resulting in translations that closely mirror human expression. The platform offers features such as customizable glossaries for consistent terminology, formal and informal tone adjustments, and robust data security measures, including immediate deletion of translated texts.
The company’s client portfolio spans over 100,000 businesses, governments, and organizations worldwide. Notable clients include Zendesk, which integrates DeepL to provide accurate multilingual customer support; Nikkei, leveraging the technology for precise translation of financial news; Coursera, offering course materials in multiple languages; and Deutsche Bahn, utilizing DeepL for seamless internal and customer communications.
Funding and Financial Overview
Atomico, a European venture capital firm, participated in DeepL’s funding rounds in November 2022 and May 2024.
In November 2022, DeepL completed a significant investment round led by IVP, with participation from Bessemer Venture Partners and Atomico. This round valued DeepL at approximately $1 billion, with reports indicating that the company raised $150 million or more.
In May 2024, DeepL announced a $300 million investment round at a $2 billion valuation. This round was led by Index Ventures and included participation from ICONIQ Growth, Teachers’ Venture Growth, as well as existing investors IVP, Atomico, and WiL. The capital infusion is earmarked for expanding DeepL’s presence in the U.S., Asia, and Latin America, as well as enhancing its research and development initiatives.
Graphics: DeepL
