Artificial Intelligence
DeepL announces $300 million investment at $2 billion valuation fueled by global demand for AI language solutions
Index Ventures led heavily oversubscribed round with participation from late-stage investment firms ICONIQ Growth, Teachers’ Venture Growth, and more Rapid enterprise adoption of DeepL has fueled the company’s growth in 60+ global markets for 100,000+ businesses, governments, and other organizationsDeepL’s Language AI Platform for business provides category-leading AI-powered translation and writing solutions COLOGNE, Germany, May 22, 2024 /PRNewswire/ — DeepL, a leading Language AI company, today announced $300 million of investment at a $2 billion valuation. Led by Index Ventures, the heavily oversubscribed round attracted strong support from new investors, who will bring their extensive expertise, connections, and resources to support DeepL’s growth and long-term vision to transform the way companies communicate around the world. Additional late-stage investors, including ICONIQ Growth, Teachers’ Venture Growth, and others, also participated, along with existing investors IVP, Atomico, and WiL.
“We’re approaching an inflection point in the AI boom where businesses who are racing to adopt the technology begin to discern between hype versus solutions that are secure and actually solve real problems in their business,” said Jarek Kutylowski, founder and CEO of DeepL. “This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today. 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. This will bring us closer to a future where every company, regardless of location, can operate seamlessly on a global scale with our AI.”
The new investment comes during a period of significant growth and momentum for DeepL, which has amassed a customer network of 100,000+ businesses, governments, and other organizations worldwide. This network includes Zendesk, Nikkei, Coursera, and Deutsche Bahn, who rely on its highly accurate and secure enterprise Language AI platform to deliver seamless communication, driving international growth and cost savings. In response to surging demand from global enterprises, DeepL has accelerated its expansion efforts and strategic investments into key markets over the past year. In January 2024, DeepL deepened its commitment to the U.S.—now its third largest market—by opening its first office in the region. The company continues to expand its team in the U.S. to support growing demand.
Within the last 12 months, DeepL has also substantially broadened its product offerings tailored for businesses. In April 2024, the company launched DeepL Write Pro, a writing assistant specifically tailored for business writing, powered by its own proprietary LLM technology. The company also continues to expand the range of languages supported by its platform with the recent additions of Arabic, as well as Korean and Norwegian, bringing its total number of languages to 32.
“DeepL’s runaway success is a bit of an ‘open secret’ in the business community,” said Danny Rimer, who led the investment from Index Ventures. “The company is exceptionally thoughtful about creating cutting-edge AI products that deliver real and immediate value to their customers. Jarek and the rest of the DeepL team are equally research and commercially minded – both of which are key to the company’s success.” Index Ventures is recognized for its investments in highly successful SaaS businesses like Figma, Slack, Wiz, and Scale AI.
Demand for AI solutions among global enterprises is on the rise. A recent IBM study found that 42% are already actively deploying AI and 40% are exploring its potential. Within this rapidly evolving landscape, DeepL is leading the way in applying AI to transform the $67.9 billion language industry, which is projected to grow to $95.3 billion by 2028.
Since its inception in 2017, DeepL has become the Language AI provider of choice for businesses across multiple industries including manufacturing, legal, retail, healthcare, technology, and professional services. The company’s specialized Language AI platform has become a critical investment for global businesses today, addressing a variety of communication challenges ranging from internal communications to customer support and international market expansion. Unlike general-purpose AI systems, DeepL’s cutting-edge translation and writing solutions rely on specialized AI models specifically tuned for language, resulting in more precise translations for a variety of use cases and a reduced risk of hallucinations and misinformation. In business translation and writing, accuracy is paramount, making specialized AI models the most reliable and preferred solution for language challenges.
DeepL’s Language AI platform is also proven to drive significant cost savings and efficiencies. A 2024 Forrester study revealed that the use of DeepL delivered 345% ROI for global companies, reducing translation time by 90% and driving a 50% in workload reduction, underscoring, in our opinion, the power of its platform for businesses looking to grow their revenue and enter new markets faster and at scale.
“At Zendesk we see first hand the power of infusing AI tools into customer experience, and DeepL’s industry-leading translation is a prime example,” said Adrian McDermott, CTO, Zendesk. “The ability to have accurate AI translation allows companies from startups to large enterprises the ability to scale globally, reaching prospects and existing customers in new ways. Zendesk’s open and flexible platform allows for seamless partnerships, and the tangible results we’ve seen so far from joint customers have us looking forward to continued work with DeepL.”
Looking ahead, DeepL will continue to invest in research and product innovation to strengthen its suite of leading AI communication tools for businesses. The company is also doubling down on global market expansion and talent recruitment across multiple areas including AI research, product, engineering, and GTM.
About DeepLDeepL is on a mission to break down language barriers for businesses everywhere. Over 100,000 businesses, governments and other organizations and millions of individuals in 63 global markets trust DeepL’s Language AI platform for human-like translation and better writing. Designed with enterprise security in mind, companies around the world leverage DeepL’s AI solutions that are specifically tuned for language to transform business communications, expand markets and improve productivity. Founded in 2017 by CEO Jaroslaw (Jarek) Kutylowski, DeepL today has over 900 passionate employees and is supported by world-renowned investors including Benchmark, IVP and Index Ventures.
Contact:Sebastian RiesOpeners [email protected]+49 1578 058 8488
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Artificial Intelligence
Redwood Software Celebrates 30 Years as Automation Leader, Securing Top SAP Recognition and Serving 40% of the Fortune 50
FRISCO, Texas, June 20, 2024 /PRNewswire/ — Redwood Software, the leader in automation fabric solutions, celebrates its 30th year in business and the 20th anniversary of its partnership with SAP, the global leader in enterprise applications and business AI. SAP recently awarded Redwood the SAP Regional Partner Excellence Award and the prestigious SAP Pinnacle Award 2024 in the New Partner Application category.
As part of SAP Enterprise Cloud Services (ECS), RunMyJobs by Redwood is the exclusive SaaS workload automation (WLA) and job scheduling solution for which SAP offers a hosted connection to and from a customer’s RISE environment. In the second half of 2024, SAP ECS is expanding its managed service connection with RunMyJobs to offer SAP monitoring of critical jobs running within RunMyJobs. This new service will provide more in-depth monitoring, alerting and resolution for S/4HANA Cloud customers. Joint customers of the ERP and automation market leaders include Citigroup, UBS AG, Ryder Truck Rental and Texas Instruments.
Redwood added more than 1,000 customers in the past year, now including 28% of the Fortune 500 and 40% of the Fortune 50, with notable customers like Lockheed Martin Corporation and Smithfield Foods.
In recent months, Redwood invested in its product and services leadership team through the addition of two proven industry executives:
Charles Crouchman joined as Chief Product Officer, bringing expertise in delivering breakthrough products and building high performance teams at Turbonomic, CA and most recently, IBM.Rama Vadakattu joined as SVP & Global Head of Professional Services who prior to Redwood, held various go-to-market leadership roles including building scalable teams in consulting, innovation and ecosystems at Oracle, Infor and most recently, at Celonis.The addition of Crouchman and Vadakattu demonstrates Redwood’s commitment to advanced product development and customer support across its automation portfolio — RunMyJobs, ActiveBatch, Tidal, JSCAPE and Cerberus. Along with Redwood celebrating 30 years, 2024 marks the 25th anniversary of Redwood’s MFT offering, JSCAPE. With this milestone anniversary, JSCAPE released the first MFT SaaS solution that seamlessly integrates with all Redwood WLA solutions. This year has also seen a significant expansion of RunMyJobs’ pre-built connector catalog, which includes a vast range of integrations for data management, IT service management, AI and more. SAP customers can achieve end-to-end automation with easy-to-install connectors for SAP Dataphere, SAP Integration Suite and SAP ERP in S/4HANA, among others.
“Redwood experienced tremendous growth in the first half of 2024, adding numerous leading global enterprises to our customer base and expanding the Redwood team to over 550 people worldwide,” said Kevin Greene, CEO of Redwood Software. “As a company that has consistently delivered above ‘Rule of 60’ financial performance, we are able to continuously invest in advancing our customer service and product innovation to deliver higher value for mission-critical business processes like order-to-cash, procure-to-pay, record-to-report, supply chain and warehouse management.”
This strong performance enables Redwood to deliver better solutions and support to customers. Having achieved a 48 net promoter score (NPS) and countless user-driven accolades like G2’s Leader, Best Relationship and Most Likely to Recommend recognitions, Redwood instills confidence and control across a wide variety of industries and use cases.
ABOUT REDWOOD SOFTWARE
Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software.www.redwood.com
Contact:Liz [email protected]
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Artificial Intelligence
Hyundai Motor Group Powers Up Robotic Services at Smart Office Building in Seoul
Hyundai Motor Group introduces DAL-e Delivery robot and Parking Robot at Factorial Seongsu, a robot-friendly office building in SeoulHyundai Motor and Kia’s DAL-e Delivery robot navigates autonomously across the building, providing quick and efficient delivery services to building occupantsDAL-e Delivery is equipped with artificial intelligence (AI) Face Identification technology developed by Robotics LAB, with an accuracy of 99.9%Hyundai WIA’s Parking Robot can autonomously park vehicles, maneuver in tight spaces, and increase parking space utilizationHyundai WIA has also developed a ‘Smart Parking Control System’ that can manage up to 50 parking robots simultaneouslyStarting in Q3, the Parking Robot will work alongside Hyundai Motor and Kia’s Automatic Charging Robot (ACR) to provide EV charging servicesThe Group aims to create a Robot Total Solution by expanding its robot services to various buildings, starting with Factorial SeongsuSEOUL, South Korea, June 20, 2024 /PRNewswire/ — Hyundai Motor Group (the Group) announced today the deployment of Hyundai Motor and Kia’s ‘DAL-e Delivery’ robot and Hyundai WIA’s ‘Parking Robot’ at Factorial Seongsu, providing innovative services at the robot-friendly office building in Seoul. The Group also released a video of its deployed robots, which can be seen here.
At IGIS Asset Management’s Factorial Seongsu, occupants can enjoy beverage delivery from the DAL-e Delivery robot and parking services from the Parking Robot, both utilizing the Group’s latest technologies.
“With DAL-e’s full-fledged delivery service, we aim to make Factorial Seongsu the first building to apply our Robot Total Solution,” said Dong Jin Hyun, Vice President and Head of Robotics LAB at Hyundai Motor Company and Kia Corporation. “We plan to expand our robotics services to more buildings, making these technological enhancements a major criterion for space innovation.”
The Group has proposed a ‘Robot Total Solution’ development plan, which involves using various robots and facial recognition systems in smart buildings, starting with Factorial Seongsu. It also intends to develop a ‘multi-integrated control system’ for managing multiple delivery robots within the Robot Total Solution. A video of the facial recognition system can be seen here.
About Hyundai Motor GroupMore information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Newsroom
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Artificial Intelligence
Precisely Deepens AWS Mainframe Modernization Partnership with New Application Testing
Automated testing enables users to simplify and validate the migration of applications from mainframe environments to the AWS Cloud
BURLINGTON, Mass., June 20, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today announced that it has expanded its partnership with Amazon Web Services (AWS) through collaboration on the new AWS Mainframe Modernization Application Testing feature. The new feature of the AWS Mainframe Modernization service leverages Precisely Connect to simplify and accelerate the application testing process in the AWS Cloud, helping customers reduce risk, save development time, and quickly modernize mainframe applications.
Seventy percent of time spent on migrating and modernizing mainframe applications to the cloud is spent on application testing. The testing is often complex and time consuming as the migrated cloud application must be validated to function the same as the mainframe version of that application.
AWS Mainframe Modernization Application Testing validates functional equivalence between the source mainframe application and the target modernized application. After running a test scenario on a mainframe, Application Testing uses Precisely Connect’s real-time CDC capabilities to capture the data output from a mainframe application and automatically compared it to the data output from the application run on AWS. This testing can be done repetitively with the same set of data and can provide the user control over the variables being tested. Application Testing gives customers confidence in their data replicated to AWS Cloud and mitigates application modernization risks before fully shifting production applications from mainframe systems to the AWS Cloud.
“With AWS Mainframe Modernization and the new Application Testing feature, businesses have a comprehensive set of tools available to quickly complete modernization projects on time and free up resources to focus on other priorities,” said Chris Hall, Chief Product Officer at Precisely. “This is a great milestone for our continued partnership with AWS and it further validates the tremendous data integrity value Precisely Connect’s change data capture capabilities bring to mainframe environments.”
Learn more about AWS Mainframe Modernization Data Replication with Precisely. Detailed information on the new Application Testing service can be found here.
About Precisely
Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.
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