Our portfolio company, AI language translation startup DeepL, nabs $300M on a $2B valuation to focus on B2B growth.

More funding is being poured into startups focused on AI. DeepL, which builds automated text translation and writing tools that compete against the likes of Google Translate and Grammarly, said that it has raised an additional $300 million. It is now valued at $2 billion, post-money. The new money will be used to drive more sales and marketing, as well as further research and development.

This round, led by Index Ventures, underscores the frenetic interest that investors have in AI startups at the moment and how companies are capitalizing on that opportunity while they can.

The startup DeepL supports 32 different languages at the moment, and it has been expanding its product portfolio steadily. The latest addition to the list is one very much focused on enterprises: DeepL Write Pro is described as “a writing assistant specifically tailored for business.” Customers signing up for DeepL’s tools include Zendesk, Nikkei, Coursera and Deutsche Bahn, it said.