Glean CEO Arvind Jain on the SaaS Monster stage during the first day of Internet Summit 2022 at Altice Arena in Lisbon, Portugal, on November 2, 2022.
Harry Murphy | Sports Archives | Getty Images
Artificial intelligence-driven search startup Glean said on Tuesday it had raised $260 million in a funding round that values the technology company at $4.6 billion, more than double its last reported valuation. The Palo Alto, Calif.-based company ranked No. 43 on this year’s list CNBC Disruptor 50 To date, the company has raised more than $600 million from more than 20 investors.
Glean joins a group of well-funded generative AI startups and tech giants trying to compete with Microsoft Copilot and the chatbot Amazon Q.
Glean’s Series E round was led by Altimeter and DST Global, with participation from Craft Ventures, Sapphire Ventures and SoftBank Vision Fund 2, all new investors in the company.
Existing investors in the round include Coatue, General Catalyst, ICONIQ Growth, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners and Sequoia Capital.
Founder and CEO Arvind Jain founded Glean in 2019 with other former Google engineers as an enterprise search engine. The company quickly pivoted to generating artificial intelligence. Jain describes Glean as the Google and ChatGPT of the enterprise. It provides conversational artificial intelligence to sort internal data, retrieve information and provide quick answers. Jain is also the founder of Rubrik, which had a successful initial public offering in April.
“Businesses today are in the midst of an AI transformation that promises to be as big or bigger than the internet, mobile, cloud and other major technological changes of the past century,” Jain told Artificial Intelligence magazine. a blog post announced the latest round.
Global enterprise spending on generative AI is expected to soar from $16 billion in 2023 to $143 billion in 2027, accounting for 28% of artificial intelligence spending, according to technology research and advisory firm IDC.
In a breakthrough year for artificial intelligence funding, investment levels in new startups in the sector were five times higher than the previous year. As many as 36 generative AI startups have become unicorns, according to CB Insights, as valuations soar and corporate investors Microsoft, Amazon, Meta and Google take the lead.
Sign up for our original weekly newsletter that goes beyond the annual Disruptor 50 list and gets a deeper look at the companies and their innovative founders.
About The Author
