More funding is being poured into startups focused on AI. DeepL, which builds automated text translation and writing tools that compete against the likes of Google Translate and Grammarly, said on Wednesday that it has raised an additional $300 million. It is now valued at $2 billion, post-money.
This round, led by Index Ventures, underscores the frenetic interest that investors have in AI startups at the moment and how companies are capitalizing on that opportunity while they can. DeepL, which is still not profitable, was valued at $1 billion in January 2023, when it raised just over $100 million.
The new money will be used to drive more sales and marketing, as well as further research and development.
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