AI Firm Typeface Valued at $1 Billion After Salesforce/Google Funding


Generative artificial intelligence (AI) platform Typeface has been valued at $1 billion after raising $165 million.

The funding includes $100 million from a Series B round with contributors including Salesforce Ventures and Google Ventures, part of an ongoing wave of Big Tech investment in AI, according to a Thursday (June 29) press release.

Unveiled to the public in February, Typeface said in the release its AI technology lets companies craft personalized content that matches their brands’ voices.

“The transformative potential of AI in content creation is undeniable, but businesses face unique challenges that require enterprise-ready solutions,” Typeface founder and CEO Abhay Parasnis said in the release. “By combining the strengths of generative AI platforms with our brand-specialized knowledge, we have eliminated the barriers for enterprises to harness generative AI.”

Many companies are trying to get over those barriers and incorporate generative AI tools along the lines of OpenAI’s ChatGPT into their workflows.

However, AI has yet to transform into a plug-and-play solution, especially for larger companies with concerns about output integrity and data security. And while AI has gotten commercial quickly, businesses are still cautious about onboarding the tech.

This means that integration of AI innovations is going about the same as any other “enterprise-level software adoption or modernization process — with a lot of handholding and cross-departmental stakeholder buy-in,” PYMNTS wrote.

Experts PYMNTS has spoken with have stressed that AI should augment and enhance the work done by humans, not replace them. As advanced as the technology is, some managers contend there will always be the need to keep workers in the loop to verify AI-driven outputs.

Typeface’s funding came the same week as several other notable AI-related deals. Thomson Reuters announced Monday (June 26) that it had purchased AI-powered legal startup Casetext for $650 million.

Founded in 2013, Casetext uses AI and machine learning to make technology for legal professionals. It was an early user of OpenAI’s GPT-4 large language model, which powers CoCounsel, its newly unveiled “AI legal assistant.”

Also on Monday, data storage and management firm Databricks bought generative AI startup MosaicML in a $1.3 billion deal to combine its AI-ready data management technology with MosaicML’s language model tool.