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AI startup Glean lures Citigroup as investor at $2.2 billion valuation after revenue quadruples

Feb 27, 2024 - cnbc.com
Glean, an artificial intelligence startup based in Palo Alto, California, has raised $200 million at a $2.2 billion valuation in its latest investment round. The round attracted tech companies Databricks and Workday, as well as banking giant Citigroup and venture firms Kleiner Perkins, Lightspeed, and Sequoia. Glean's software sifts through corporate repositories to provide quick answers to workers' questions, and the company has seen its annualized revenue rise from $10 million to $39 million in a year.

The company, which currently has 337 employees, plans to expand to 700 by the end of the year. Glean uses large language models (LLMs) to produce natural-sounding text in response to written input, and sees OpenAI as a partner, drawing on LLMs from OpenAI and other companies to operate an AI assistant. While Glean initially targeted the tech industry, it is now looking to expand into financial services, retail, manufacturing, and other sectors.

Key takeaways:

  • Artificial intelligence startup Glean has raised $200 million at a $2.2 billion valuation, with tech companies Databricks and Workday participating in the investment round.
  • Glean's software sifts through corporate repositories to provide quick answers to workers' questions, and the company plans to expand its staff from 337 to 700 by the end of the year.
  • Despite the cost of AI business-focused products, Glean's CEO Arvind Jain is more focused on increasing the number of users on the platform rather than the revenue derived from each individual.
  • While initially targeting the tech industry, Glean is now looking to expand into financial services, retail, manufacturing and other sectors.
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