Grammarly puts $90M at over $1B+ valuation for its AI-based grammar and writing tools
While the study continues to be focused on the increase and growing sophistication of voice-based interfaces, there is a startup that is applying artificial intelligence to enhance how we interact through the written word.
It has raised a round of funding to benefit from its already profitable growth.
The Story of Grammarly
Grammarly, which gives a toolkit is used by 20 million people to correct their written grammar.
It suggests better ways to write articles and manage the tone of what they are speaking, which depends on who will be doing the reading.
Brad Hoover, the company’s CEO, said that the funding weapons the company’s valuation to more than $1 billion, while it gears up to expand to more users by increasing Grammarly’s tools and leading them to more platforms.
Now, Grammarly can be used over a number of browsers through browser extensions.
It can be used as a web app, by mobile and on desktop apps, and by specific apps such as Microsoft Office.
But in the present era of communication, the amount of places where we write to each other is growing all the time.
For example, think, how much we use chat and texting apps for relaxation and for work, so assume that list to continue growing.
More About The Current Investment
This current round is being managed by General Catalyst, which had also supported lead it’s previous and only other round, for $110 million in 2017.
With support from previous investor IVP and other, unnamed backers, it takes the total raised by the startup to $200 million.
Grammarly presently works on a freemium model, where paid tiers give users added tools beyond grammar checks and conciseness, which includes things like readability discovery, alternative dictionary and tone ideas, and plagiarism checks.
Users can get Grammarly in tiers that are rated at $11.66, $19.98, and $29.95 per month.
It is worth seeing that Grammarly has been successful almost from the start when it was established as a bootstrapped equipment in 2009 by Alex Shevchenko and Max Lytvyn, who remain to work on product and income at the company individually.
Hoover is the startup’s longtime CEO, who had joined back in 2011.
Looking ahead, while Grammarly will be obtaining its way to more platforms, the firm will be building more tools, particularly to better customers and the problems that are more precise to them.
For more updates and the latest tech news, keep reading iTMunch.