Generative AI Translation Startup DeepL Locks Up $300M

May 22, 2024

38 1 minute read

Investors can’t get enough of different ways to use generative AI.

Translation and language startup DeepL became the latest startup using generative AI to raise big, nabbing $300 million at a $2 billion post-money valuation in a round led by Index Ventures.

The valuation is about double its previous $1 billion-plus valuation from January 2023.

The round included participation from ICONIQ Growth, Teachers’ Venture Growth, IVP, Atomico and WiL (World Innovation Lab).

The German startup language AI platform offers writing, editing and translation services for 63 markets and 32 languages for business use cases. The company said it has already garnered more than 100,000 customers, made up of businesses, governments and other organizations.

“This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today,” founder and CEO Jarek Kutylowski said in a statement.

More money

Similar to Tuesday, there was more than just one big generative AI round announced Wednesday.

Music startup Suno snared a $125 million round led by Lightspeed Venture Partners, Nat Friedman, Daniel Gross, Matrix and Founder Collective.

The Cambridge, Massachusetts-based startup allows users to create songs from simple text prompts, generating voice, lyrics and music.

In announcing the deal, the company said 10 million people have already made music using Suno even though it released its first product just eight months ago.

“We will use this funding to accelerate product development and grow our team of music makers, music lovers and technologists,” co-founder and CEO Mikey Shulman said in a release. “Our community of musicians deserves the very best tools, and building the very best tools requires the very best talent — not just technological expertise, but a genuine love of music.”