Typeface Inc., an artificial intelligence startup focused on content creation services for businesses, has raised $100 million from backers including investment arms of Salesforce Inc. and Alphabet Inc.
(Bloomberg) — Typeface Inc., an artificial intelligence startup focused on content creation services for businesses, has raised $100 million from backers including investment arms of Salesforce Inc. and Alphabet Inc.
The deal values Typeface at $1 billion and brings its fundraising total to $165 million. Besides Salesforce Ventures and Alphabet’s GV, other investors in the company include Lightspeed Venture Partners, Madrona and Menlo Ventures. The new funding is part of a broader surge of investor interest in AI startups this year, and a particular focus on generative AI, which can generate new content based on simple prompts.
Typeface’s tools allow businesses to train generative AI models to use them for their own content, assisting with tasks such as producing marketing materials. The startup’s customers “can do 10 times more content creation using a tool like Typeface,” said founder and Chief Executive Officer Abhay Parasnis.
John Somorjai, an investor at Salesforce Ventures, which led the round, said Typeface stood out in the sea of AI startups raising money. “Every Typeface customer we spoke with … said they’ve never seen anything like this,” he said. “It’s something they believe adds really meaningful value to their marketing.”
Typeface also has partnerships with high-profile companies including investors Google and Salesforce, allowing customers of services like Google Cloud and Salesforce to create customized content.
–With assistance from Katie Roof.
(Updates with additional investor names in the second paragraph. An earlier version of this story corrected the headline to clarify that GV is an investor.)
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