Artificial intelligence-powered writing assistant tool Grammarly raised over $200 million in its recent funding round led by Baillie Gifford. The latest funding has increased Grammarly’s market valuation to $13 billion.
With the new funds, Grammarly wants to further invest in artificial intelligence technologies to expand the capabilities of its assistant. According to company officials, Grammarly is prioritizing its efforts to accelerate the process of improving the platform to help people communicate in this ‘digital-first world.
Grammarly uses natural language processing and machine learning technologies to display suggestions and rectifications for writing mistakes in documents, emails, and many others. The platform provides over 100 million writing suggestions to more than 30 million users every month.
CEO of Grammarly, Brad Hoover, said, “Grammarly’s latest funding round underscores the importance of our mission and the broad need for effective communication. By enabling clear and confident communication, Grammarly’s platform helps people excel both personally and professionally.”
He further added that the funding coming a week after the launch of Grammarly’s desktop version for Windows and macOS is a big step towards breaking down technological barriers in order to achieve effective communication.
Grammarly is a San Francisco-based software firm that was founded by Alex Shevchenko, Dmytro Lider, and Max Lytvyn in 2009. Since the launch, Grammarly has brought in many innovations in the writing assistant domain, which has made the company the most widely used writing assistance platform.
“Since our last funding round two years ago, we’ve doubled down on our investments in security so our customers can rest assured their data is safe and secure,” added Hoover. Grammarly will also use this funding to strengthen its backend AI tasks to provide better-personalized feedback to users about their writing.