AI Startup Writer Raises $100 Million to Power Corporate Content Creation
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In Brief
Writer recently secured $100 million in funding, elevating its valuation to over $500 million.
The company employs LLMs trained on extensive online text datasets to improve corporate content creation.
Writer Inc., a startup specializing in AI-driven content generation and summarization, has secured $100 million in funding, propelling its valuation to more than $500 million.
The funding round was spearheaded by Iconiq Growth, with participation from esteemed investors such as WndrCo, Balderton Capital, and Insight Partners. In addition, Writer’s clients, Accenture Plc and Vanguard Group Inc., also joined the investment initiative. This funding will help Writer improve its AI models and keep up with the innovations.
May Habib, CEO of Writer Inc., believes that generative AI can alleviate the manual labor burden placed on professionals by automating routine tasks.
“I think generative AI is actually able to reduce much more of the cognitive manual labor that opens up a much more creative day,” claims Habib.
With Iconiq Growth’s investment, General Partner Doug Pepper has joined Writer’s board as its seventh member. Pepper highlighted the buzz surrounding the enterprise AI market and highlighted the startup’s tangible contributions to customer productivity.
The company, founded in 2020 by May Habib and Waseem AlShikh, employs Large Language Models (LLMs) trained on extensive online text datasets to advance corporate content creation. Clients like L’Oréal, Spotify, Pinterest, Deloitte, and Uber have already been using Writer’s services.
Writer aims to help businesses leverage AI for various functions, including crafting product descriptions, generating job listings, composing social media posts, data analysis, and task automation.
For instance, L’Oréal employs Writer’s software to bolster its digital marketing campaigns, showcasing the real-world impact of AI-powered content generation.
Writer Aims to Tackle Generative AI’s Critical Flaw
In an interview with Forbes, Habib asserted that Writer is committed to factual accuracy, and its language AI model “will never create anything that’s factually incorrect” due to its architecture designed to prioritize accuracy.
Writer’s approach involves training its models on both public information and a company’s proprietary data, creating a customized model for each client. All data is securely stored on the client’s cloud, ensuring transparency regarding data sources.
According to the interview, Writer’s strategy to combat the issue of “hallucination,” where AI models generate false information, revolves around its model architecture. By making encoders and decoders communicate and utilizing client data, the company strives to achieve accuracy and inclusivity in its generated content.
Read more:
- How to Get Rid of Overload Content With AI Summarizing Tool
- What are the Advantages and Disadvantages of Artificial Intelligence in Writing?
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
