Berlin-based startup deepset GmbH, has raised $30 million to enhance its open-source Haystack framework, which helps developers build natural language processing applications. The funding round has been led by Balderton Capital with participation of existing backers GV, System.One, Lunar Ventures and Harpoon Ventures. With an interdisciplinary team led by Berlin-based corporate technology partner Norman Röchert, Taylor Wessing has advised Balderton Capital on all legal aspects of the transaction.

Founded in 2018 deepset solves one of the biggest challenges facing enterprises today - how to use their own data more quickly, more easily and at scale. deepset helps organisations tap into the potential of today’s most advanced and promising technology, large language models (LLMs). Enterprises who don’t have full expertise or time to build their own LLM platform can use deepset Cloud to harness the power of natural language processing (NLP) to build their own LLM-enabled applications.

Balderton Capital is a London-based venture capital firm focused exclusively on supporting the most significant technology companies founded in Europe. Since its founding in 2000, it has raised ten funds totaling more than $4.5 billion and invested in more than 230 companies.

Legal advisor Balderton Capital

Taylor Wessing Germany: Dr. Norman Röchert, LL.M. (Co-Lead, Partner, Corporate / M&A), Dr. Armin Bartsch (Co-Lead, Salary Partner, Corporate TMC, both Berlin), Felix Paul (Professional Support Lawyer, Corporate / M&A, Berlin), Yanick Sambulski (Associate, Corporate TMC, Berlin), Dr. Michael Brüggemann (Partner), Tim Hendricks (Professional Support Lawyer, both Competition, EU & Trade, both Düsseldorf), Nico Jänicke (Partner), Dr. Thomas Hohe (Associate, both Employment, Pensions & Mobility, both Berlin), Dr. Gregor Schmid (Partner), Dr. Eva Surowiecki (Associate), Dr. Timm Düwell (Associate, all Technology, Media & Telecoms, all Berlin), Dr. Tim Wünnemann (Partner), Wilhelm Freiherr von Feilitzsch (Senior Associate), Matthias Swiderski (Senior Associate, all Disputes & Investigations, all Berlin)