Summary

Corporate generative AI assistant startup, Writer, has raised $100 million in a Series B funding round led by Iconiq Growth. The funding will be used to enhance the company’s proprietary models and add multimodal functions. Writer’s platform offers text-generating models and tools for various business tasks such as marketing, product development, and customer support.

Introduction

Writer.AI is a corporate generative AI assistant startup that has secured $100 million in a funding round led by Iconiq Growth. The company’s platform provides businesses with text-generating models and tools for various purposes. This funding will enable Writer to improve its proprietary models and introduce multimodal functionality.

Main Points

Writer employs natural language processing models built in-house and linked to the knowledge graphs of its clients to create conversational interfaces and chatbots. The company has expanded from AI-assisted editing and brand adherence to a comprehensive generative AI platform for businesses. Last year, Writer introduced CoWrite, a text generator powered by OpenAI’s GPT-3 model, which has now become an integral part of the Writer platform.

Writer allows customers to connect its models to business data sources to enhance research, fact-checking, and question-answering capabilities. It also enables companies to enforce regulatory, legal, and brand rules across its platform’s models. The company’s focus is not only on its models but also on helping businesses achieve high-quality results at scale, making it a valuable investment for its customers.

The $100 million in funding is a significant increase from Writer’s previous $21 million funding round, bringing its total investment to $126 million. The company’s revenue retention has seen a growth rate of 150% year-over-year. Writer’s advantage lies in its ability to fine-tune models on non-copyrighted business writing and its efficient, smaller models. However, it faces competition from other enterprise generative AI assistants such as Claude from Anthropic, WordTune from AI21, marketing campaign creator from Jasper, and Cohere’s Coral chatbot.

Conclusion

Writer, a corporate generative AI assistant startup, has secured $100 million in funding to enhance its text-generating models and introduce multimodal functions. With its platform offering a wide range of tools for businesses, Writer aims to help its customers achieve high-quality results at scale. While facing competition from other enterprise AI assistants, Writer’s investment and revenue retention demonstrate the value it provides to its customers.