The Ukrainian-founded IT company Grammarly, which develops an online service based on artificial intelligence to help write texts in English, announced the closure of a new round of investments for more than $200 million. According to its results, the company was valued at $13 billion.
Grammarly uses advanced machine learning and natural language processing technologies in its products. In 2019, Fast Company ( monthly American business magazine) admitted it as one of the world's most innovative AI companies. In 2020 and 2021, the company was ranked among the world's best cloud companies.
Investments in Grammarly
- In 2017, the company received $110 million in its first round of investments, led by General Catalyst, joined by Breyer Capital, IVP, SignalFire and Spark Capital.
- In 2019, Grammarly raised $90 million in the second round of investment led by General Catalyst, with both previous (including IVP) and new investors.
- This year, funds and accounts managed by BlackRock and Baillie Gifford joined the current round.
More than 30 million people around the world use the Grammarly service every day. The company plans to use the attracted investments to accelerate the team's growth and develop innovative solutions for its product line.
Since 2019, the company has more than tripled its team in Ukraine, the USA and Canada. As of November 2021, Grammarly employs over 600 people in three countries (more than 270 in Ukraine). Grammarly hubs are located in Kyiv, San Francisco, New York and Vancouver. Next year, Grammarly plans to increase its team by 50% only in Ukraine.
New features of the application
- For the Grammarly business service, which is a priority for the company, the team introduced snippets, brand tone settings, multiple style guides, and analytics. In 2020, the company also launched a free offer for non-governmental and non-profit organizations, which is currently used by more than 6,000 organizations worldwide (and more than 150 of them in Ukraine).
- Earlier this year, the company announced the opening of the API Grammarly to Developers and the Grammarly for Developers platform launch. It announced a strategic partnership with Samsung.
Grammarly was founded in 2009 in Ukraine by Maxim Lytvyn, Aleksey Shevchenko and Dmitry Leader. The company became profitable two years after its foundation and remains so in the future.