Writer, a San Francisco-based startup, announced on Tuesday that it has secured $200 million in Series C venture capital funding, bringing its valuation to $1.9 billion. Writer plans to use the new funds to accelerate the development of its AI solutions and applications for healthcare, retail, and financial services.
May Habib, CEO and co-founder of Writer, stated: "We are not only creating LLMs that can perform tasks but also developing advanced AI systems capable of handling 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."
Image source note: The image was generated by AI, provided by the image licensing service Midjourney.
Writer's valuation has reached $1.9 billion, quadrupling its $500 million valuation in September 2023. The company's supporters include Salesforce, Adobe, Citi, IBM, and Workday Ventures, as well as Accenture, Vanguard, and other major tech venture capital firms. Its client list includes Ally Bank, Qualcomm, Salesforce, Uber, among others.
According to Statista, the global AI market was valued at $184 billion in 2024. In 2023, AI startups were valued 20% higher than non-AI companies raising seed funding. At the Series B level, AI startups were valued nearly 60% higher. As companies race to add Generative AI (GenAI) capabilities, AI suppliers are rapidly releasing enterprise-grade solutions.