AI-powered seek startup Glean doubles valuation in pristine investment spherical led by way of Altimeter
Arvind Jain, CEO of Glean, on SaaS Monster degree all the way through year considered one of Internet Peak 2022 on the Altice Area in Lisbon, Portugal, on Nov. 2, 2022.
Harry Murphy | Sportsfile | Getty Photographs
Synthetic intelligence-powered seek startup Glean mentioned Tuesday it has raised $260 million in a investment spherical that values the tech corporate at $4.6 billion — greater than double its utmost reported valuation. The Palo Alto, California-based company, ranked No. 43 in this hour’s CNBC Disruptor 50 listing, has now raised upward of $600 million to time from greater than 20 traders.
Glean competes with a herd of well-financed generative AI startups and tech giants, making an attempt to compete with Microsoft Copilot and chatbot Amazon Q. It additionally objectives to disrupt a grassland of cognitive seek device suppliers corresponding to Perplexity, Coveo, Sinequa and Lucidworks.
Glean’s Line E spherical, led by way of Altimeter and DST World, comprises Craft Ventures, Sapphire Ventures and SoftBank Optic Capitaltreasury 2, all pristine traders within the corporate.
Present traders within the spherical come with Coatue, Normal Catalyst, ICONIQ Expansion, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Undertaking Companions and Sequoia Capital.
Founder and CEO Arvind Jain began Glean in 2019 with alternative former Google engineers as an undertaking seek engine. The corporate quickly transitioned to generative AI. Jain has described Glean as Google and ChatGPT for companies. It offer conversational AI to type via inside information, retrieve data and provide fast solutions. Jain may be a founding father of Rubrik, which had a successful initial public offering in April.
“Businesses today are in the midst of an AI transformation — one that promises to be as big or bigger than the internet, mobile, cloud, and other major technology shifts of the past century,” Jain mentioned in a blog post pronouncing the original spherical.
World undertaking spending on generative AI is projected to rocket from $16 billion in 2023 to $143 billion in 2027 and account for 28% of AI expenditures, in line with tech analysis and advisory company IDC.
In a breakout year for AI funding, startups in that trade noticed 5 occasions the extent of funding as the former hour. As many as 36 generative AI startups have turn into unicorns, in line with CB Insights, as valuations surged and company traders Microsoft, Amazon, Meta and Google led the march.
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