on November 19, 2021 at 8:00 am
AI writing aide developer Grammarly has raised greater than $200 million in a funding spherical led by Baillie Gifford. The funding places Grammarly’s valuation at about $13 billion and is earmarked to widen the corporate’s attain and improve its merchandise because the AI writing assistant expertise continues to enhance and draw extra competitors.
Grammarly Gains
Grammarly is finest often called an internet plug-in and digital add-on for writing packages and communications platforms. The AI performs real-time evaluation of the person’s writing, together with spelling, grammar, brevity, and language type, sharing solutions alongside the best way. There are greater than half one million purposes and web sites utilizing some type of Grammarly, with the enterprise market accelerating notably shortly. Grammarly claims greater than 30 million individuals use its companies every day and that its AI presents greater than 100 billion solutions for bettering writing each month. The rising curiosity comes partly from the shift to extra distant work within the wake of the COVID-19 pandemic and subsequent spike in written communication since individuals aren’t in a position to discuss to one another in particular person at an workplace.
“At Grammarly, we imagine speaking with confidence and empathy permits real connection, unlocks new achievements, and strengthens collaboration,” Grammarly CEO Brad Hoover wrote in a weblog put up concerning the funding. “Grammarly is on the forefront of addressing the necessity for efficient communication. We apply best-in-class NLP and ML strategies and constantly fine-tune them to ship exact and explainable communication suggestions throughout user-friendly interfaces.”
AI Editor
The rising strain on Grammarly for brand new options and companies comes partly from the mushrooming rivals which have begun scoring funding rounds of their very own. Last week, interactive AI writing information developer Writer closed a $21 million funding spherical led by Insight Partners to spice up its advertising copy AI platform, with the same deal with NLP as a promoting level. And OpenAI’s GPT-3 language mannequin has helped startups like Copy.ai, which raised $2.9 million to make use of GPT-3 to assist companies write ads, product descriptions, social media posts, and different textual content.
“Grammarly will even proceed to advance our NLP and ML expertise to ship customized communication suggestions tailor-made to customers around the globe,” Hoover wrote. “As we delve additional past syntax to semantics—with options like full-sentence rewrites, tone changes, and fluency suggestions—we’ll ship even higher-quality communication solutions throughout extra phases of the communication course of.”
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Eric Hal Schwartz is Head Writer and Podcast Producer for Voicebot.AI. Eric has been knowledgeable author and editor for greater than a dozen years, specializing within the tales of how science and expertise intersect with enterprise and society. Eric is predicated in New York City.
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