Germany-based DeepL, which provides an artificial intelligence-powered translation platform, is reportedly considering an initial public offering in the United States.
The company has talked with potential advisers and could launch an IPO as soon as next year, seeking a valuation of as much as $5 billion, Bloomberg reported Thursday (Oct. 2), citing unnamed sources.
The talks are ongoing and the details could change, according to the report.
DeepL did not immediately reply to PYMNTS’ request for comment.
The company’s Language AI platform provides translations in both written and spoken formats, is designed with enterprise security in mind, and is used by more than 200,000 businesses, governments, other organizations and individuals in 228 markets, according to its website.
DeepL was valued at $2 billion in a May 2024 funding round in which it raised $300 million. That was up from a $1.085 billion valuation attained in a January 2023 funding round.
In a May 2024 press release, Jarek Kutylowski, founder and CEO of DeepL, said that the company’s Language AI platform solves real problems for global companies.
“We’re highly focused on continued growth and innovation to expand our solutions and ensure they remain industry-leading in terms of quality, precision and security,” Kutylowski said. “This brings us closer to a future where every company, regardless of location, can operate seamlessly on a global scale with our AI.”
DeepL announced Wednesday (Oct. 1) that it appointed veteran tech leader Gonçalo Gaiolas as chief product officer to accelerate the company’s innovation and enterprise adoption.
Gaiolas most recently served as chief product and technology officer at B2B cybersecurity company SoSafe, where he helped double the company’s revenue and expand its global footprint, according to a DeepL press release.
Kutylowski said in the announcement that Gaiolas joins DeepL at “a pivotal time for our business, as we continue to scale our Language AI products and prepare to bring our newest product, DeepL Agent, to market.”
DeepL Agent is an autonomous AI agent designed to perform a variety of knowledge worker tasks in areas like finance, sales, marketing, customer support and localization, DeepL said in a Sept. 3 press release that unveiled the product. DeepL agent is currently in beta.
PYMNTS reported in August 2024 that AI-powered translation tools could reshape how companies communicate across borders and cultures because they leverage advanced machine learning to capture nuance and context.
Source: https://www.pymnts.com/