Grammarly, the company behind the AI-powered digital writing assistant, raised $90 million in its latest round of funding - solely coming from the company's investors. This endeavor was led by its returning investor General Catalyst followed by existing and new investors.
Together, they all racked up a hefty amount of money that will be used to advance the company's innovative technology and completely develop a communication assistant for educational institutions, businesses, and individuals.
Earlier this year, Grammarly expressed its interest to further expand and develop its services. The company is determined to extend its product reach to make it available in every platform where English writing happens.
In addition to this, the company also wishes to resolve the barriers and issues involving language, writing, and communication. In an initial step to address these issues, they introduced a tone detector into their platform in order to provide users with options and recommendations.
The company, however, believes that there are more improvements needed in order to successfully implement these kinds of changes in their system. Ultimately, this is what they are currently aiming to work on for now.
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Although Grammarly's valuation is expected to be more than $1 billion, this is the first time they have received such an amount of funding since their establishment back in 2009.
The company has also been just profitable for 8 years, with their AI-powered writing assistant hitting it off around 2011; nonetheless, the company has impressively tripled its user base and arranged for multiple product enhancements after receiving its first funding in May 2017. Now, they already have more than 20 million users around the globe.
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Despite the success the company has experienced in the last few years, it has continued to stay true to its mission to improve lives by improving communication.
Grammarly significantly made important changes over the years, all of which improved and expanded the capabilities of its AI-powered platform. Unlike other writing programs, Grammarly has a writing assistant that offers suggestions that go beyond grammar correction.
The digital assistant helps in improving and enhancing written content by assessing one's writing for clarity, engagement, and delivery. Furthermore, it also offers suggestions that can improve a written content's conciseness, word choice, and inclusive language.
Just recently, they also launched the tone detector, a feature that assesses the tone of writing the writer is using or is intending to use. It then rates to measure how powerful the tone of the text is to give the writer a nudge in the right direction - or tone, in this case.
Now, Grammarly is expected to create eventful and helpful changes just like it did in the past few years. Although the company already launched its product in iOS, Android, Chrome, Google Docs, and Medium, it is aiming to expand its coverage to other areas where writing takes place. It is anticipated that the platform will make a debut in various writing platforms including social media.
These changes are all expected to roll out in the next couple of months as the funding has already been set.
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