Business News Report Technology
June 29, 2023

Generative AI Platform Typeface Bags $100M in Series B, Hitting Unicorn Status

In Brief

Typeface, a generative Ai platform for content creation, has raised $100 million in an oversubscribed Series B round.

Salesforce Ventures led the round with participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12 (Microsoft’s Venture Fund).

The latest funding brings the total capital raised to $165 million at a valuation of $1 billion.

Typeface, a generative AI platform for content creation, has raised $100 million in an oversubscribed Series B round led by Salesforce Ventures. The round also saw participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12 (Microsoft’s Venture Fund).

Generative AI Platform Typeface Bags $100M in Series B, Hitting Unicorn Status

The funding brings the company’s total capital raised to $165 million at a valuation of $1 billion, an impressive feat for a platform that emerged from stealth with a public launch in February this year with $65 million in funding.

Led by former CTO of Adobe, Abhay Parasnis, and a highly experienced team of AI, SaaS, and media technologists, Typeface has garnered significant interest from customers, ranging from digital-native brands to Fortune 500 companies across various industry sectors. The platform counts LG Electronics as one of its customers.

“With Typeface, we have unlocked the power to generate thousands of personalized, on-brand images, spanning over multiple diverse markets and significantly reducing our production time to amplify our content factory initiative. Typeface provides us the capability to create a unified ‘one brand’ approach, amplifying our cross-selling opportunities, consistent brand representation across various business units, and the ability to deliver tailored content to each target market,” said David Kang, SVP Digital Commerce & Marketing Solutions at LG Electronics.

Typeface offers a wide range of workflows that cater to different departments, such as marketing, sales, product, and HR, accommodating a broad range of workflows. 

Just this month alone, the platform has forged two significant partnerships. Typeface has joined forces with Salesforce to incorporate generative AI capabilities into Salesforce Marketing GPT. The company has also partnered with Google Cloud, integrating with its large language models. By making Typeface available as a plugin in the Google Workspace Marketplace, businesses can now generate tailored, data-drive content across multiple marketing channels.

Typeface recently unveiled new features, such as an advanced Image Studio for high-resolution product photography, video-to-text conversion, and selective image editing and regeneration.

“The transformative potential of AI in content creation is undeniable, but businesses face unique challenges that require enterprise-ready solutions,”

said Abhay Parasnis, founder and CEO at Typeface, in a statement.

“By combining the strengths of generative AI platforms with our brand-specialized knowledge, we have eliminated the barriers for enterprises to harness generative AI.”

Not only are B2B generative AI platforms attracting investor interest, but AI, tech, and professional consulting companies have also committed large amounts of capital to provide enterprise-ready AI solutions in the last month. Accenture said it would invest $3 billion in AI to boost its clients’ efficiency while Amazon Web Services announced that it will spend $100 million to launch the AWS Generative AI Innovation Center to help customers build and deploy generative AI services.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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