It is often even superior to the already very good Google translator: the German online translation service DeepL from Cologne is valued at one billion dollars (960 million euros) after a new financing round. He is now officially a “unicorn”.
The “Kölner Stadt-Anzeiger” reports this on Thursday based on information from the business environment. DeepL is considered the first “unicorn” from the cathedral city.
The backers of the funding round include US investors IVP and Bessemer and European venture capitalist Atomico, Business Insider initially reported. It was initially unclear how many shares the companies would acquire. The company initially did not respond to a request. A “unicorn” is a term used to describe start-ups with a market capitalization of more than a billion dollars.
400 employees after five years
DeepL started in Cologne in 2017 and now employs around 400 people. His website deepl.com, including translation service, is now one of the top 100 most visited websites in the world. DeepL says it has achieved exceptional machine translation quality with improvements in neural network math and methodology, and is up to six times more accurate than other providers.
Even in independent tests, DeepL eclipsed established providers like Google Translate. However, Google supports 133 languages, DeepL only 29. DeepL translates up to 5000 characters and up to three documents per month for free – a subscription (from 5.99 euros per month) is required for unlimited and other features.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
