San Francisco based English writing enhancement platform Grammarly has raised $110 million, in order to help fixing grammar and spelling. This is the first venture for the eight-year-old start-up, and now it has got the massive funding from General Catalyst, IVP and Spark Capital.
The San Francisco based startup offers mistake free writing experience every time to its 6.9 million users. Way back in 2009, the company was founded by Alex Shevchenko and Max Lytvyn. Till date, Grammarly used to make money with the help of the users who pays $11.99 per month in order to get help regarding sentence structure and vocabulary.
With the funding, Grammarly now plans to hire more staff which will eventually help the start-up to improve their algorithm. According to Brad Hoover, CEO, Grammarly, “the program is using artificial intelligence to help people with the substance and the content of what they write.” Brad Hoover used to be on General Catalyst, however, after coming across Grammarly, now he is seeing the opportunity to grow the business.
Grammarly is the latest company which has been able to raise such a massive amount of money with the help of artificial intelligence. Already brands like Facebook and Samsung has dived deeper into the world of artificial intelligence, and as per the founder of Alibaba Jack Ma, artificial intelligence will soon replace company CEOs.
With the presence of many spell checkers, Grammarly is trying hard to convince its customers, that it offers better correction methods than Google or Microsoft. With a Chrome extension, Grammarly also has an edge over its competitors, the extension helps to proof read online documents easily.
However, not everyone is fond of Grammarly, amongst many reactions after the firm’s venture round, a user posted that, “ I rather learn to write without mistakes than let a program correct it.”