Tech

Grammarly Raises $200 Million at a $13 Billion Valuation to Improve Product AI

Grammarly Raises $200 Million at a $13 Billion Valuation to Improve Product AI

The famous writing auto-editing program Grammarly revealed that it raised $200 million in new capital at a $13 billion valuation from new investors including Baillie Gifford and BlackRock funds and accounts, among others, claiming the funds will be used to expedite product development and team expansion.

Grammarly’s global head of product, Rahul Roy-Chowdhury, in an interview stated, “We believe this fundraising round is a wonderful affirmation of our business success. We’ve been cash-flow positive since the beginning.” The round also confirms the importance of our objective to enhance people’s lives through better communication as it is related to product innovation.

According to Roy-Chowdhury, Grammarly intends to utilize the funds for continuous investment in its AI technology, to provide individualized communication feedback to its users. Grammarly plans to make extra expenditures to win and strengthen user confidence by enhancing its natural language processing and machine learning technology.

“I see a lot of possibilities in the future because, at the end of the day, it all boils down to our purpose of better communication.” With remote-first worldwide teams attempting to collaborate, there has been a significant shift in how work is done. We see a great opportunity to help individuals communicate more effectively in these changing settings”, he said.

The company’s aim for the future of the service, according to Roy-Chowdhury, would go beyond simply focusing on conciseness, consistency, and accuracy. While aiming to become more widespread, the company wants to add more areas in which to provide suggested improvements.

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Grammarly is already expanding its product options and attaining its objective of applicability with applications such as Microsoft Office, Slack, Discord, Jira, and a host of others benefitting from the new desktop application. According to the company, the new desktop software intends to be customers’ go-to writing tool wherever they type because the service can now breakthrough technical barriers.

Grammarly recently announced the release of its Text Editor software development kit (SDK ), which allows programmers to integrate Grammarly text editing features into any web-based application. noting that, with just a few lines of code, developers can access the full power of Grammarly automatic editing with the beta version of this SDK.

Grammarly’s most recent investment follows one in October 2019, when the business raised $90 million at a valuation of over $1 billion. Presently, Grammarly is now integrated into over 500,000 apps and websites, including email clients, workplace software, and word editors. According to the startup, as more people communicate across more online platforms, it’s critical to get communication right to achieve personal and business goals, which it hopes to assist its customers with.

Grammarly runs on a free/premium model, with subscription levels providing users with additional features such as word choice, sentence rewrites, tone modifications, fluency, formality level, and plagiarism detection in addition to grammar and spelling checks.

The Author

Ajisebutu Doyinsola

Doyinsola Ajisebutu is a journalist and prolific writer who takes a special interest in Finance, Insurance, and the Tech world.