Writer, a generative AI platform for enterprises, has disclosed securing $100 million in its Series B funding round. This substantial investment is spearheaded by ICONIQ Growth, accompanied by participation from WndrCo, Balderton Capital, and Insight Partners, who led the prior Series A round.
Moreover, Aspect Ventures, who headed the Seed round, also contributed. Notably, clients of Writer, such as Accenture and Vanguard, have also participated in this funding round. This influx of capital brings ICONIQ Growth's Doug Pepper onto the Writer's board.
This fresh funding is earmarked for enhancing the company's proprietary large language models (LLMs) tailored for specific industries. Additionally, investments will be directed toward incorporating agent and multimodal capabilities into these LLMs.
ISTANBUL, TURKEY - MAY 06: A woman views historical documents and photographs displayed in a high tech art installation at Salt Galata on May 6, 2017 in Istanbul, Turkey.
All About the Writer AI Platform
May Habib, the CEO and co-founder of Writer, emphasized that their "foundation models are best-in-class, and they're auditable, inspectable, and hostable - but it's not just about the models."
"Any CIO who's tried to build an internal generative AI application will tell you that the last mile of quality is the hardest. And we help them nail that, at scale, dozens and dozens of times as they build AI applications and assistants that enable their entire organization. And our customer's desire to invest in the company is a true testament to the value we're providing," Habib added.
In contrast to alternative generative AI solutions, Writer's platform is engineered to seamlessly integrate generative AI into business workflows.
The platform encompasses Writer-developed LLMs, a Knowledge Graph for seamless integration with corporate data sources, and an application layer featuring chat interfaces, prebuilt templates, and adaptable UI options.
Writer's models have achieved top scores on critical benchmarks such as Stanford HELM. They also offer the flexibility of self-hosting, combining the security advantages of in-house model development with the rapid implementation advantages of an end-to-end solution.
Rana Yared, general partner at Balderton Capital, underscored Writer's distinguishing features in the competitive AI landscape. She praised the company for having a transparent business model, substantial traction with global enterprise clients, and robust revenue growth.
Vanguard's Chief Information Officer, Nitin Tandon, lauded Writer's full-stack platform for enabling their teams to blend their expertise with cutting-edge generative AI technology, ultimately enhancing productivity.
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Tenfold Increase in Revenues
Over the past two years, Writer has seen a tenfold increase in revenues and an impressive net revenue retention rate exceeding 150%.
With its track record and years of market presence, Writer is poised to assist enterprises worldwide in harnessing the potential of AI in an era of democratized access to advanced tools.
A comprehensive study encompassing over 50 enterprise clients revealed that Writer yielded an average productivity gain of 7.5 hours per employee per week.
It illustrates the Writer's holistic approach, enabling diverse applications across the entire organizational spectrum, rather than being confined to foundational models or one-size-fits-all applications.
In 2021, Writer secured $21 million in its Series A round, following an initial seed funding round of $5 million in 2020.
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