Grammarly gets $90 million boost to put toward technology, product development
The company plans to focus on enterprise and employ AI to develop more sophisticated solutions like its tone detector.
Grammarly has received $90 million in its latest round of funding, led by returning investor General Catalyst, with help from IVP and other new investors. The money will go towards advancing the technology that enables the AI-powered writing assistant platform, as well as product development initiatives to support enterprise clients, the company said.
Why we should care
Marketers use Grammarly to help finetune content projects. The platform offers wide-ranging capabilities, from simple editing and grammar recommendations to more sophisticated tools such as a tone detector that can be used to make sure language conveys an intended tone. With this new investment, Grammarly’s technology could become even more intuitive to the needs of its users.
More than 2,000 businesses and institutions use Grammarly to help improve content and communications. The company has been investing in technology to make recommendations beyond basic grammar corrections. It uses AI to make recommendations to phrase something more concisely, vary word choice and use more inclusive language, for example.
There are also opportunities to improve existing integrations. From our own experience with the Grammarly plug-in on WordPress’s Gutenberg, edits often do not save and extraneous code sometimes
More on the news
- More than 20 million people use Grammarly daily, and the company reports it has more than tripled its user base since 2017.
- Grammarly launched in 2009 and became
a profitablewithin two years.
- Grammarly CEO Brad Hoover told TechCrunch this latest round of funding pushes the company’s valuation to more than $1 billion.