Cologne/ Berlin — In the latest financing round of the AI-based translator DeepL, venture capital investor Atomico was advised by YPOG. In addition to Atomico, IVP, Bessemer Venture Partners and WiL as well as existing investors Benchmark and btov participated in the funding.
The Cologne-based startup emerged from the online dictionary Linguee in 2017 and currently offers 29 languages. Revenues are generated primarily from paid services, which include more features and privacy options than the free and open-access version. The company’s latest round of funding demonstrates the increasing commercial importance of AI-based business models to the market and professional sectors.
Founder & CEO Jaroslaw “Jarek” Kutylowski is a passionate developer and started working on personal projects he found useful and suitable for everyday use at the age of 10. He later earned a doctorate in computer science with a focus on mathematics. His fondness for languages and new technologies led him into the world of AI translation, in large part due to his multilingual background and sensibilities, having been born in Poland and raised in Germany.
The new capital will be used for further research activities and the further development of the company’s software. Furthermore, DeepL is working on additional services and features and plans further international expansion.
Atomico invests in emerging tech founders in Series A and beyond — with a particular focus on Europe — leveraging its extensive operational experience to accelerate their growth. Since its founding in 2006, Atomico has worked with over 100 ambitious teams — including those at Klarna, Supercell, Graphcore, Compass, MessageBird, Masterclass, Attentive Mobile, Pipedrive and Hinge Health. Atomico’s team of founders, investors and operational leaders has been responsible for global expansion, hiring and marketing at companies ranging from Skype and Google to Twitter and Uber. The company currently has $4 billion in assets under management.
DeepL is a German company that aims to eliminate language barriers around the world through the use of artificial intelligence. Since 2017, the company has offered DeepL Translator, a machine translation system that achieves the best translation quality in the world according to blind tests, at www.DeepL.com. In addition, DeepL provides professional products for companies, entrepreneurs and translators. To date, more than one billion people have used the services of DeepL. The company is led by founder and CEO Jaroslaw Kutylowski and backed by international investors such as Benchmark and btov.
Advisor Atomico: YPOG
Dr. Benjamin Ullrich (Co-Lead, Transactions), Partner
Tobias Lovett (Co-Lead, Transactions), Senior Associate
Dr. Matthias Schatz (Corporate), Partner
Dr. Benedikt Flöter (IP/IT), Associated Partner
Dr. Andreas Bergthaller (Corporate), Senior Associate
Pia Meven (Transactions), Associate
Dr. Christoph Lüttenberg (Corporate), Associate
YPOG is a specialist tax and commercial law firm operating in the core areas of Funds, Tax and Transactions. The YPOG team advises a wide variety of clients. These include emerging technology companies and family-run medium-sized enterprises as well as corporations and private equity/venture capital funds. YPOG is one of the leading addresses for venture capital, private equity and fund structuring in Germany.
The firm and its partners are nationally and internationally ranked by JUVE, Best Lawyers, Legal 500, Focus, and Chambers and Partners. Today, YPOG employs more than 100 experienced lawyers, tax advisors, tax specialists and a notary in three offices in Berlin, Hamburg and Cologne.