AI startup Glean valuation surges to $7.2 billion in latest fundraise
Glean said on Tuesday it was valued at $7.2 billion in its latest funding round - the third capital raise for the U.S. enterprise AI search startup in less than two years.
The round marks a nearly 57 per cent jump in valuation for Glean, underscoring strong investor appetite for startups leveraging AI use cases. In the previous funding in September, the company's valuation had more than doubled in just over six months.
Businesses and governments worldwide are rushing to adopt artificial intelligence, with applications ranging from enterprise productivity and drug discovery to infrastructure and beyond.
Palo Alto, California-based Glean raised $150 million in a Series F funding round led by asset manager Wellington Management and other new investors, including Khosla Ventures.
The company was founded in 2019 by a team of former Google search engineers. It uses AI assistants and large language models to generate personalized answers to queries.
Earlier this year, the company rolled out its Glean Agents offering, which allows businesses to use AI to automate operations. It is on track to support 1 billion agent actions by the end of the year, the company said.
Industry leaders have hailed AI-based agents as a transformative-use case of the technology. Microsoft CEO Satya Nadella has also suggested that the agents will disrupt how we use software-as-a-service, a business model that has long been the staple of software startups.
The latest investment will help Glean to enhance its product offerings and bolster international presence, the company said.
Glean, which surpassed $100 million in annual recurring revenue in its last fiscal year, said it was opening a new San Francisco office to support its growth.
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