As a result, DeepL promises to save businesses money and time. The company backs this claim with a 2024 report from global market research firm Forrester, which found that the traditional model reduced translation time by 90% and translation effort by 50%, resulting in a 345% return on investment. The company claims that the new model is a significant improvement over the traditional model, showing a 1.7x improvement in English, Japanese, and Simplified Chinese translations, and a 1.4x improvement in English and German translations.
The DeepL team shared that the new tool will achieve ISO 27001 certification and GDPR compliance, and also addressed security concerns.
Currently only accessible to professional users
Access to the new model is currently limited to DeepL's Pro users, and it allows translations from Japanese, German, and Simplified Chinese to English, with more languages on the way, putting the company in competition with Google and Microsoft.
Nonetheless, DeepL has been going strong since it launched its translation tool in 2017. It secured $300 million in investment in May, with CEO and founder Jarek Kutylowski saying it would be the company's “most transformative year yet.” He added, “This brings us one step closer to a future where any business, anywhere, can easily operate on a global scale with the help of our AI.” It also hit a $2 billion valuation.
As users start experimenting, they'll no doubt get feedback, especially on accuracy, which is where this small startup has an edge over the bigger players.
