Writer has raised $200 million at a valuation of $1.9 billion to expand its enterprise-focused generative AI platform.

The round – a Series C – was co-led by Premji Invest, Radical Ventures and ICONIQ Growth, with participation from Salesforce Ventures, Adobe Ventures, B Capital, Citi Ventures, IBM Ventures and Workday Ventures.

Writer CEO May Habib said the new funds, which bring Writer’s total raised to $326 million, will be focused on product development and “solidifying the company’s leadership in the writing category.” Enterprise Generative AI”.

“At Writer, we not only create AI models that can perform tasks, but we develop advanced AI systems that deliver business-critical tasks,” Habib said in a statement. “With this new funding, we are focused on delivering the next generation of autonomous AI solutions that are secure, reliable and adaptable in highly complex, real-world business scenarios. »

Writer was founded in 2020 by Habib and Waseem AlShikh. Both previously launched Qordoba together, which helped companies localize their products in new markets.

Writer has evolved over the years into a comprehensive generative AI platform, with products that can be customized for various enterprise use cases.

In 2023, Writer launched its own template family, Palmyra, for text generation. Later that same year, the company launched features that connect commercial data sources to its models, as well as the ability for customers to self-host models created by Writer.

The writer’s current focus is on “AI Agents” that can plan and execute workflows across systems and teams, as well as customizable AI guardrails and a suite of no-code development tools.

Despite the intense competition in the generative AI space, Writer has done quite well. The company has hundreds of clients, including Mars, Ally Bank, Qualcomm, Salesforce, Uber, Accenture, L’Oreal and Intuit.

“It takes a tremendous amount of engineering to turn models into reliable business tools,” Patrick Stokes, vice president of product and industry marketing at Salesforce, said in a press release. “Writer provides a refined, AI-powered solution that is efficient, easy to deploy, and has quickly accelerated our workflows here at Salesforce. We are delighted to join them in this adventure, not only as an investor, but also as a client.

Accenture, Balderton, Insight Partners and Vanguard also participated in Writer’s Series C.

Writer’s latest funding is another sign that investor enthusiasm for generative AI is not waning. According to According to a report from Accel, generative AI startups will receive 40% of all venture capital funds invested in cloud technologies this year. And in the first half of 2024, investments in generative AI startups exceeded $3.9 billion, by Pitchbook — not counting OpenAI’s $6.6 billion round.

The generative AI market is projected exceed $1 trillion in revenue over the next decade. However, it faces headwinds, such as confidentiality And copyright architectural challenges and setbacks that cause phenomena like hallucinations.