AI platform Writer attracts $100 million in investment

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venture_investments venture investments investing

Generative AI platform for enterprises Writer has raised $100 million in a Series B funding round led by ICONIQ Growth.

Other participants include WndrCo, Balderton Capital, Insight Partners, Aspect Ventures and a number of the firm’s clients including Accenture and Vanguard.

Writer will use the funds to develop its own industry-specific large language models with multimodal capabilities.

The platform is business-oriented and provides a full stack of functions for creating AI products. Support includes sales, human resources and marketing.

According to the press release, Writer not only enables enterprises to develop their own basic models, but also offers ready-made functional applications.

A study of 50 of the company’s corporate clients found that using Writer solutions freed up an average of 7.5 hours of work time per employee per week.

In 2021, the platform raised $21 million in a Series A round led by Balderton Capital and Insight Partners. In 2020, Writer raised $5 million in seed funding with participation from Aspect Ventures.

The company said it has increased revenue “dozens of times” over the past two years.

Recall that in September, defense-focused AI developer Helsing closed a Series B funding round of €209 million.

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