Latest funding round led by the returning investor General Catalyst accelerates Grammarly's consumer and enterprise growth.
Fremont, CA: Grammarly, the company that developed the AI-based digital writing assistant, announced the reception of $90 million recently in the latest round of funding. The funding round was led by General Catalyst, a returning investor along with the participation of other existing and several other new investors, including IVP. With the latest influx of funds, the eponymous company will continue to innovate its cutting-edge technology to develop a full-fledged communication assistant for businesses and individuals.
The company is said to continue the expansion of the product reach, ensuring its availability everywhere English writing is necessary. It has announced that the company will extend its strive to tackle many complex issues related to language and communication. In light of this, it has released a tone-detector option to provide users actionable recommendations.
By recognizing the apparent gap that existed in workplace communications, Grammarly plans to use the latest funds to accelerate product development in favor of the enterprise clients. The company's AI-driven tools assist the teams at the workplace in achieving positive business results and avoiding expensive grammar breakdowns. The organizations from more than 2000 institutions and businesses have already relied on the software for their organizational needs.
Grammarly is also recognized as the year's one of the world's most innovative AI companies. Being founded in 2009, the company has been profitable since 2011. After receiving its first round of the funding in May 2017, Grammarly's fan base has been tripled and delivered many product improvements that assisted help more than 20 million users per day.
For providing assistance to connect to people, and be understood, Grammarly drastically expanded the AI-powered feedback, and its writing assistant delivers, offering suggestions that go beyond grammar correction to aid the improvement of the clarity, engagement, and delivery of one's writing. Among many opinions and recommendations towards the improvement of messages, The primary suggestions consist of concise sentences, varying word suggestions, and the use of inclusive language. The product can now suggest goal-specific writing recommendations, cross-check for consistency within a piece of text, and enhance vocabulary.