According to foreign news reports.artificial intelligence (AI) searchStartups Glean said Tuesday that the company has been working on a round ofFinancingThe company raised $260 million in the first quarter of 2012, bringing its valuation to $4.6 billion, more than double its last reported valuation.
The Palo Alto, California-based company, ranked No. 43 on this year's CNBC Disruptor 50 list, has raised more than $600 million to date from more than 20 investors.
Glean competes with a number of well-funded generative AI startups and tech giants in an attempt to rival Microsoft Copilot and chatbot Amazon Q. It also aims to disrupt the cognitive search tool provider space with Perplexity, Coveo, Sinequa and Lucidworks. It also aims to disrupt the cognitive search tool provider space with Perplexity, Coveo, Sinequa and Lucidworks.
Glean's Series E round was led by Altimeter and DST Global, with Craft Ventures, Sapphire Ventures and SoftBank Vision Fund 2 as new investors in the company.
Existing investors in the round include Coatue, General Catalyst, ICONIQ Growth, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners and Sequoia Capital.
Founder and CEO Arvind Jain co-founded Glean in 2019 with several other former Google engineers as an enterprise search engine that quickly transitioned into generative AI. jain describes Glean as Google and ChatGPT for the enterprise. it provides conversational AI to organize internal data, retrieve information, and provide answers quickly. .
Jain is also the founder of Rubrik, which had a successful initial public offering in April.
In a blog post announcing the latest round of AI changes, Jahn said that today's organizations are in the midst of an AI transformation that promises to be as big, if not bigger, than the Internet, mobile, cloud computing, and other major technological transformations of the last century.
Global enterprise spending on generative AI is expected to soar from $16 billion in 2023 to $143 billion in 2027, accounting for 28% of AI spending, according to technology research and consulting firm IDC.
This has been a breakthrough year for AI funding, with five times as much investment in startups in the sector as the previous year.
As many as 36 generative AI startups have become unicorns as valuations soar and corporate investors Microsoft, Amazon, Meta and Google lead the way, according to CB Insights.