2022, founded by Abhay Parasnis, former CTO of Adobe font, a generative AI startup focused on enterprise use cases. With it, he hoped to leverage generative artificial intelligence, which was just starting to catch on at the time, to deliver personalized content for brands at scale.
Thanks in part to the hype around generative AI, Typeface quickly caught on, attracting Fortune 500 customers in its first year and securing partnerships with Salesforce and Google Cloud. And — perhaps more importantly — it has won over investors, who poured hundreds of millions of dollars into the startup this week.
Today, Typeface closed a $100 million Series B round led by Salesforce Ventures, with participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12 (Microsoft Ventures Fund). The startup values the startup at $1 billion, and the financing brings Typeface’s total funding to $165 million.
Parasnis said the new funds will be used to expand Typeface’s platform and grow the company’s team.
“Business leaders have generally told us that they want to embrace generative AI, but they need a solution that meets their unique needs and is enterprise-ready,” Palasnis said via email. AI platforms at a fast pace of innovation and feel like a natural extension of their brand. They also need to ensure their valuable proprietary content remains secure and private while seamlessly integrating into existing workflows.”
Parasnis explained that the Typeface platform consists of three key components, the first being a content hub where users can upload assets and guidelines to generate “branded” text and images. The second, called Blend, uses artificial intelligence to train and personalize content to fit a brand’s voice and style. As for the third, Flow, it offers templates and workflows designed to integrate into existing applications and systems.
Using Typeface, content marketing managers can generate Instagram posts (or at least product photos and captions) to promote new product launches using brand-approved wording and assets. Or, a demand generation manager at a business-to-business software-as-a-service company can repurpose an event video into a blog post, a follow-up email to attendees, and more.
“We provide businesses with a secure, self-service solution that enables any employee to produce branded content from within their content workflow,” said Palasnis.
Now, there is no shortage of companies in the field of generative artificial intelligence. (Jasper AI, for example, also recently raised about $100 million at a valuation of about $1 billion.) So how is Typeface different?
First, Parasnis believes that Typeface takes brand governance, content security, and privacy more seriously than most of its competitors. The platform provides each client with a dedicated AI model, ostensibly ensuring their assets and activities remain private.
What’s not entirely clear is whether Typeface’s models, and the content they produce, will be subject to legal challenges.pending the case Popular AI art tools Midjourney and Stability AI claim they violated the rights of millions of artists by using web-scraped images to train their tools.Meanwhile, the United States Patent and Trademark Office (USPTO) has yet to issue clear guidance Copyright protection for works generated by artificial intelligence.
Parasnis did not foresee the downside and claimed that Typeface clients own all assets they generate on the platform.
“Every part of the business needs compelling, personalized content to drive results, and faster,” he said. “Typeface has revolutionized the way businesses deliver content, enabling every aspect of an organization to achieve exceptional results faster than ever before.”
For now, that probably doesn’t matter. These risks do not appear to have dampened enthusiasm for generative AI. according to According to a FreshBooks survey, 25 percent of business owners said they are currently using or testing generative AI tools, while two-thirds said they will try to use generative AI at work within the next 12 months.
Apparently, venture capitalists haven’t been shy either.According to the PitchBook report freed VC investment in generative AI increased steadily in March, from $408 million in 2018 to $4.8 billion in 2021 to $4.5 billion in 2022. Angel and seed deals also grew, with 107 deals worth $358.3 million invested in 2022. In 2018, that number was just 41, with $102.8 million in revenue.
“With the huge demand from businesses for personalized generative AI, we must rapidly scale our platform and innovate to meet the unique needs of businesses,” said Palasnis. “Additionally, we will expand our exceptional team with deep AI, software-as-a-service and enterprise marketing expertise to enrich the value we deliver to our growing community. This funding will serve as a robust product roadmap and go-to-market A catalyst for expansion, enabling businesses to easily and securely generate personalized content within existing enterprise workflows at every customer touchpoint.”