Sep 19, 2023
Writer Secures $100 Million in Series B Funding to Advance Enterprise-Focused Generative AI
Writer, an enterprise-focused generative AI platform, has secured $100 million in Series B funding, according to an announcement cited by TechCrunch. The investment round was led by ICONIQ Growth and included participation from WndrCo, Balderton Capital, Insight Partners, Aspect Ventures, as well as Writer's own customers Accenture and Vanguard. The funding brings Writer's total capital raised to $126 million and values the company at a post-money valuation ranging between $500 million and $750 million.
In an email to TechCrunch, May Habib, the co-founder and CEO of Writer, elaborated that the funds will be allocated to advance the development of the company's "industry-specific" text-generating AI models.
Habib also discussed how many businesses are still in the initial stages of exploring generative AI capabilities and realizing the complexities involved in data gathering, cleaning, and workflow construction. Writer aims to simplify these aspects, offering solutions that can be hosted in an enterprise's virtual private cloud.
Writer operates in a competitive landscape that features several other players including OpenAI, Anthropic, AI21 Labs, and Mistral AI, as well as other enterprise-specific generative platforms like Jasper, Cohere, and Typeface. Writer distinguishes itself by training its models on non-copyrighted business writing, which is a noteworthy aspect given the ongoing discussions around the copyright status of AI-generated works in the United States. Additionally, the company asserts that its models are cost-effective, transparent, and are not trained on customer data.
The platform offers features that allow its models to be connected to a company’s existing knowledge base. This provides additional context and enables the AI to better research, fact-check, and answer questions. Moreover, Writer gives companies the ability to enforce regulatory, legal, and brand guidelines across the models utilized on its platform.
Based in San Francisco and employing a team of 100, Writer has acquired a diverse customer base, counting Intuit, United Healthcare, UiPath, Spotify, L’Oreal, Uber, and Accenture among its clientele. According to the company, it has achieved a tenfold revenue growth over the past two years.