Typeface, a generative AI platform for enterprise content creation, said on Thursday that it was valued at $1 billion after an oversubscribed Series B funding round led by Salesforce’s global investment arm, bringing the total capital raised to $165 million.
According to the firm, Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12, Microsoft’s Venture Fund, also participated in the $100 million round.
“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. “By combining the strengths of generative AI platforms with our brand-specialized knowledge, we have eliminated the barriers for enterprises to harness generative AI. Typeface empowers every enterprise to create high-quality, personalized content that aligns with its unique voice.”
Typeface, a company that offers a wide range of workflows for marketing, sales, product, and human resources departments, signed strategic partnerships with Salesforce and Google this month to build highly customized content into their existing workflows.
When Typeface emerged from stealth and launched publicly in February, Lightspeed Venture Partners, GV, Menlo Ventures, and M12 invested $65 million.
“To make generative AI truly effective in an enterprise environment, it is essential to have a robust solution and a highly experienced team that understands the specific challenges faced by businesses. Typeface represents best-in-class enterprise generative AI with its unique focus on brand personalization, IP ownership, and seamless integration into existing workflows. We are thrilled to invest in Typeface’s talented team and their exceptional vision,” said John Somorjai, Chief Corporate Development and Investment Officer at Salesforce.
AI startups have emerged as a bright spot for investments this year amid a wider slowdown in funding caused by rising interest rates and high inflation.