Headquartered in Cologne, Germany, DeepL, an AI firm that offers translation-as-a-service, & an arch rival of OpenAI of ChatGPT fame, declared that it had received undisclosed funding from IVP, Bessemer Venture Partners, Atomico, & WiL at a valuation of $1 billion.
The German business claims that it will use the funds to quicken R&D, broaden its product line, & support continued staff expansion.