Writer Secures $200M in Funding, Pushing Generative AI Platform to $1.9B Valuation
Enterprise-focused generative AI startup Writer has successfully raised $200 million in its latest funding round, elevating its valuation to an impressive $1.9 billion. The Series C round, co-led by Premji Invest, Radical Ventures, and ICONIQ Growth, also saw support from influential backers such as Salesforce Ventures, Adobe Ventures, B Capital, Citi Ventures, IBM Ventures, and Workday Ventures.
Aiming to Lead in Generative AI for Enterprises
With this new influx of capital, Writer is set to accelerate product development and cement its position as a leader in enterprise generative AI. CEO May Habib emphasized the company’s focus on building secure, scalable, and adaptive AI systems tailored to mission-critical workflows. “At Writer, we’re not just creating AI models for tasks; we’re developing comprehensive AI solutions that support complex, real-world enterprise needs,” Habib stated.
Customized Generative AI Solutions for Businesses
Since its founding in 2020, Writer has expanded beyond basic AI capabilities to provide customized solutions tailored to various industry needs. Its AI model suite, Palmyra, launched in 2023, is purpose-built for diverse enterprise applications, with options for self-hosting and custom integration. The platform’s recent model, Palmyra X 004, was notably trained primarily on synthetic data, costing only $700,000 to develop—a fraction of the estimated $4.6 million needed for comparable models.
Key Investors and a Growing Client Base
Writer’s impressive client roster includes big names like Mars, Ally Bank, Qualcomm, Salesforce, Uber, Accenture, L’Oréal, and Intuit. Notably, Salesforce, one of its investors and clients, commended Writer for accelerating workflows and providing AI-powered solutions that are easy to implement and reliable in enterprise settings.
“Writer’s innovative approach has significantly improved our productivity,” remarked Patrick Stokes, EVP of Product and Industries Marketing at Salesforce. “We’re excited to support their growth not only as investors but as active users of their platform.”
The Road Ahead: Generative AI’s Enterprise Potential
This Series C funding highlights the sustained venture capital interest in generative AI, particularly for business applications. With increasing investment in the sector—PitchBook data reports that generative AI startups received $3.9 billion in the first half of 2024—Writer’s latest round underscores the potential of AI in reshaping enterprise operations.
Looking forward, Writer plans to focus on developing AI agents capable of planning and executing complex workflows, while also refining no-code tools to make AI accessible across diverse teams. In a market projected to exceed $1 trillion in the next decade, Writer’s success signals the growing role of generative AI in modern enterprise solutions.