Aii of writing and productivity assistant Grammar Secured $ 1 billion in financing from a long -term investor (*1*)General catalystbusiness announced on Thursday.
Grammarly, based in San Francisco, claims that he has over 40 million users and annual revenues of over $ 700 million.
The increase follows the company CODA acquisition In January, with the Cody General Director, which can take over the management of a total company. This acquisition helped to evolve from an AI powered assistant to the performance platform for applications and agents.
The company plans to make use of its recent capital, which comes from the Catalyst General Customer Fund, “to scale sales and marketing and for strategic acquisitions”.
Established in 2009, Grammarly earlier raised a total of $ 400 million, in line with Crunchbase data. General Catalyst also participated in the company Financing round price $ 110 million in 2017 and his Apart from $ 90 million In 2019, in October last 12 months, General Catalyst raised $ 8 billion in the recent capital with a view to “turbocharging” its investments in sectors similar to AI, defense, climate, healthcare and Finech.
The last Capital Grammarly infusion emphasizes the degree to which artificial intelligence dominated the financing of the project. Crunchbase data show that during the last 12 months almost half of the American financing of the undertaking went to AI enterprises. The later stage had the largest share, with about 61% of offers related to AI.
AI also dominates throughout the world. The global Crunchbase financing report was the leading Venture financing sector in the first quarter, with investing $ 59.6 billion. The first quarter was the strongest for AI financing in history, and the stunning 53% of worldwide funds goes to the AI sector itself.