Writer Raises $200 Million in Series C Funding, Co-Led by Premji Invest
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Series C Funding Round
Writer, an innovative generative AI company focused on building powerful AI solutions for businesses, recently announced that it has secured $200 million in its Series C funding round. The funding round was co-led by Premji Invest, bringing Writer's valuation to $1.9 billion. This latest investment has raised the total funding for Writer to $326 million, enabling the company to solidify its position as a leader in enterprise AI.
Investment Details
The $200 million Series C round was co-led by Premji Invest, Radical Ventures, and ICONIQ Growth. Other participants included Salesforce Ventures, Adobe Ventures, B Capital, Citi Ventures, IBM Ventures, and Workday Ventures. Existing investors like Accenture, Balderton, Insight Partners, and Vanguard also showed their support for Writer's vision. Sandesh Patnam from Premji Invest and Rob Toews from Radical Ventures are set to join Writer's board, providing valuable experience and insights to support the company's growth.
Expanding AI Solutions
The funding will be used to expand Writer's AI platform, with a particular focus on industries such as healthcare, retail, and financial services. Writer's platform aims to simplify business processes, reduce the burden of repetitive tasks, and allow teams to concentrate on higher-value work. In addition, Writer is developing "AI agents" that can autonomously plan and execute workflows across various departments. These funds will further enhance Writer's customizable AI guardrails and no-code development tools.
Market Demand
As more businesses seek AI solutions to enhance productivity, the demand for reliable platforms like Writer's is increasing. Writer's platform has gained popularity among large enterprises such as Mars, Ally Bank, Qualcomm, and Salesforce, all leveraging Writer's technology to drive operational efficiency.
Generative AI Market
The broader generative AI market continues to attract significant investment, with projections suggesting that generative AI could generate over $1 trillion in revenue within the next decade. In the first half of 2024 alone, $3.9 billion was invested in generative AI startups.
Company Background
Founded in 2020 by May Habib and Waseem AlShikh, Writer specializes in creating secure, flexible AI tools tailored for large businesses. The company's headquarters are in San Francisco, with additional offices in New York and London. Writer has established itself as a trusted generative AI provider for corporations globally.
Proprietary Technology
Writer's platform is powered by its proprietary Palmyra models, initially launched in 2023 for text generation. The recent introduction of the Palmyra X 004 model, developed using synthetic data, has allowed Writer to deliver more cost-effective and scalable AI solutions to its clients. The company also offers retrieval-augmented generation (RAG) technology and no-code tools to empower businesses to customize AI solutions that align with their specific workflows.
Investor Confidence
Writer has garnered support from a diverse group of investors, including Premji Invest, Radical Ventures, ICONIQ Growth, Salesforce Ventures, Adobe Ventures, and Citi Ventures. Existing backers like Accenture, Insight Partners, and Balderton have continued to demonstrate their confidence in Writer's mission and its potential to enhance enterprise productivity.
