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Writerhasraised$200 million at a $ 1.9 billion valuation to expand its enterprise - focalise generative AI political platform .
The Series C unit of ammunition was co - led by Premji Invest , Radical Ventures , and ICONIQ Growth , with participation from Salesforce Ventures , Adobe Ventures , B Capital , Citi Ventures , IBM Ventures , and Workday Ventures .
Writer chief executive officer May Habib says the raw cash , which brings the startup ’s sum raised to $ 326 million , will be used for ware development and “ cement the company ’s leading in the go-ahead procreative AI category . ”
“ At Writer , we ’re not just create AI example that can execute undertaking , but developing advanced AI organisation that give up mission - vital go-ahead piece of work , ” said Habib in a statement . “ With this new financial backing , we ’re laser - sharpen on deliver the next generation of sovereign AI solutions that are secure , reliable , and adaptable in extremely complex , real - world enterprise scenarios . ”
author was launch in 2020 by Habib and Waseem AlShikh . The two antecedently launchedQordobatogether , which help companies localize products to novel food market .
Writerhas spring up over the class into a full - stack procreative AI platform , with products that can be customize for various enterprise use cases .
In 2023 , Writer launched its own family of models , Palmyra , for school text generation . after that yr , the firm debut features that plug in occupation data sources to its models , along with the ability for customers to ego - host Writer - created models .
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Just in October , Writer released a modelling , Palmyra X 004 , trained almost entirely onsynthetic information . develop it be just $ 700,000 , Writer claim — comparedto estimates of $ 4.6 million for a comparably - sized OpenAI example .
Writer ’s current focus is on “ AI agents ” that can be after and execute workflows across system and teams , as well as customizable AI guardrails and a suite of no - codification developing shaft .
Despite the acute competition in the generative AI space , Writer has done quite well for itself . The companionship has hundreds of clients , include Mars , Ally Bank , Qualcomm , Salesforce , Uber , Accenture , L’Oréal , and Intuit .
“ There ’s a tremendous amount of engineering required to transform models into reliable business enterprise tool , ” Patrick Stokes , EVP of product and industries merchandising at Salesforce , said in a press release . “ Writer supply a refined , AI - powered solvent that ’s in force , well-heeled to deploy , and has rapidly accelerated our workflows here at Salesforce . We ’re unrestrained to join them on this journeying not only as an investor , but also as a customer . ”
Accenture , Balderton , Insight Partners , and Vanguard also participate in Writer ’s Series C.
author ’s late funding is another sign speculation capital ’s exuberance for generative AI is n’t wane . Accordingto a report from Accel , reproductive AI startup will get 40 % of all VC cash swarm into cloud technologies this yr . And in the first one-half of 2024 , investments in reproductive AI startup top $ 3.9 billion , perPitchBook — not look OpenAI ’s $ 6.6 billionround .
The generative AI market isprojectedto exceed $ 1 trillion in gross within the next decade . It face headwinds , however , likeprivacyandcopyrightchallenges , and architectural publication that make phenomenon likehallucinations .
