DeepL, the Cologne,Germany-based deep learning in language translation startup that's giving Google a run for its money, today confirmed raising VC funds at a valuation north of $1 billion. (source TechCrunch)
The CEO and founder Jaroslaw Kutylowski's remaining tight lipped as to the precise amount raised though it's likely in the $100 - $125 million ballpark.
Apparently the $1 billion value reflects 20x multiplication of DeepL's $50 million run rate, as calculated at 2022-end, as well as factoring 100% business growth based on current internal estimates.
The round is being led by a new investor, in the form of Silicon Valley/San Francisco VC IVP.
The other participants include Bessemer Venture Partners, US/Japan-based WiL and Atomico, while earlier investors include existing backers btov and Benchmark.
DeepL expects to re-invest the funds into R&D. Its core deep learning product is garnering traction with enterprise and personal users, having been trained from a bespoke 5.1 petaflop supercomputer to learn from over 1 billion translations and queries, according to media reports.
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