San Francisco startup Writer announced it had received $200 million in Series C funding, with its valuation soaring to $1.9 billion, four times its valuation in September last year. This round of financing was led by technology giants such as Salesforce and Adobe, demonstrating investors’ confidence in Writer AI solutions. Writer plans to use the funds to further develop its AI applications in healthcare, retail and financial services, aiming to create next-generation autonomous AI systems that are safer, more reliable and adaptable. The editor of Downcodes will give you an in-depth understanding of the story behind this huge financing and the booming development trend of the AI market.
Writer, a San Francisco-based startup, announced Tuesday it has raised $200 million in Series C venture capital, valuing it at $1.9 billion. Writer will use the new funding to accelerate the development of its AI solutions and applications for use in healthcare, retail and financial services.
May Habib, CEO and co-founder of Writer, said: We are not only creating LLMs that can perform tasks, but also developing advanced AI systems that can complete mission-critical enterprise work. With this new funding, we will focus on delivering next-generation autonomous AI solutions that are safe, reliable, and adaptable in highly complex, real-world enterprise scenarios.
Picture source note: The picture is generated by AI, and the picture is authorized by the service provider Midjourney
Writer is valued at $1.9 billion, four times the company's September 2023 valuation of $500 million. Writer's backers include Salesforce, Adobe, Citi, IBM and Workday Ventures, as well as Accenture, Vanguard and other major technology venture capital firms. The company’s client list includes Ally Bank, Qualcomm, Salesforce, Uber and others.
According to Statista, the global artificial intelligence market will be US$184 billion in 2024. In 2023, AI startup valuations will be 20% higher than non-AI companies raising seed funding. At the Series B financing level, the valuation of artificial intelligence startups is nearly 60% higher. As companies race to add generative artificial intelligence (GenAI) capabilities, AI vendors are rapidly releasing enterprise-grade solutions.
Writer’s huge financing and high valuation confirm the trend of the AI market continuing to heat up, and also indicate that AI technology will play a key role in more fields in the future. This investment is not only of great significance to Writer's own development, but also injects new vitality into the entire AI industry. It deserves our continued attention to its subsequent development.