With the acquisition of $200 million in a Series C fundraising round, Writer, a prominent enterprise-focused generative AI business, has increased its valuation to $1.9 billion. With additional support from Salesforce Ventures, Adobe Ventures, B Capital, Citi Ventures, IBM Ventures, and Workday Ventures, the round was co-led by Premji Invest, Radical Ventures, and ICONIQ Growth. The writer has now raised $326 million in total cash thanks to this funding.
According to CEO May Habib, the investment would help the business develop new products and strengthen its position in the corporate generative AI market. She said, “We’re not just creating AI models for tasks; we’re also designing systems that power important enterprise workflows.” Delivering autonomous, safe, and flexible AI systems that work in complicated business environments is the main goal.
Habib and Waseem AlShikh founded Writer in 2020, first using it as a localisation tool for their prior business, Qordoba. It has since developed into a complete generative AI platform designed for business applications. In addition to introducing capabilities that let companies link internal data sources or even self-host Writer’s models, Writer unveiled its own Palmyra models for text production in 2023. With the use of no-code tools and customizable guardrails, its most recent initiatives revolve around “AI agents” that oversee workflows across organizational systems.
Strong clientele, such as Mars, Ally Bank, Qualcomm, Salesforce, Uber, Accenture, L’Oreal, and Intuit, attests to Writer’s advancement. Writer is a strong, AI-powered tool that has improved Salesforce’s efficiency and operations, according to Salesforce EVP Patrick Stokes.
This latest round of funding demonstrates the continued interest of venture capital in generative AI, as the industry’s firms are predicted to secure 40% of all cloud technology VC funding this year. Despite obstacles including model accuracy and privacy concerns, the generative AI market is expected to generate over $1 trillion in revenue over the next ten years.