Google, Salesforce-backed AI startup Typeface sees $1B valuation after $100M funding round
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Artificial Intelligence (AI) startup Typeface raised $100M in funding from entities, including the investment arms of Salesforce (NYSE:CRM) and Alphabet's Google (NASDAQ:GOOG) (GOOGL).
The Series B round brought the total funding to $165M, valuing Typeface â developer of a generative AI platform for enterprise content creation â at $1B.
Typeface said the oversubscribed round was led by Salesforce Ventures with participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12 (Microsoft's (MSFT) Venture Fund).
Typeface's platform enables businesses to train generative AI models to use them for their own content, helping with tasks such as producing marketing materials. Typeface saw a public launch in February when it had announced a $65M funding round.
"Typeface represents best-in-class enterprise generative AI with its unique focus on brand personalization, IP ownership, and seamless integration into existing workflows," said John Somorjai, chief corporate development and investment officer at Salesforce.
Earlier in June, Typeface revealed new collaborations with Salesforce and Google Cloud. The partnerships will help Salesforce Marketing GPT, Google Cloud, and Google Workspace customers to create customized content within their existing workflows.
Following the release of Microsoft-backed OpenAI's ChatGPT, several companies have launched their own generative AI services. According to a recent study, in 2022, U.S. organizations released 37 Large language models (LLMs) compared to China's 28. This year it has been 19 by Chinese organizations versus 18 by U.S. entities.
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