Venture capital funding may be slowing, but not for artificial intelligence startups it seems.
A day after London-based Stability AI became Europe’s newest unicorn after locking up a $101 million raise, Austin, Texas-based Jasper closed a $125 million Series A funding round at a $1.5 billion valuation.
The round was led by Insight Partners and joined by others including Bessemer Venture Partners, IVP, Foundation Capital, Founders Circle Capital and HubSpot Ventures.
Coatue, who co-led Stability’s raise, also took part in Jasper’s Series A.
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The two rounds—among others—seems to show that while funding is down this year, investors still have an insatiable appetite even at high unicorn valuations. On Monday, The Information reported that San Francisco-based AI video and audio editing tool Descript was in talks with OpenAI CEO Sam Altman and other investors to raise a new round.
Jasper uses AI to help people and companies with their content strategies. Its AI platform helps create original content while optimizing it for ROI and even repackaging it in different ways and in different languages.
“Generative AI represents a major breakthrough in creative potential, but it’s still inaccessible and intimidating to many,” says CEO Dave Rogenmoser in a release. “Jasper is working to bring AI to the masses and teach people how to leverage it responsibly so that businesses and individuals can better convey their ideas.”
Jasper plans to use the new money for product development and enhancing customer experience. Since launching in January 2021, Jasper has more than 70,000 paying subscribers ranging from individual creatives to teams at large enterprises, the company said.
Even in a down market, certain sectors and industries will still capture investors’ interest. Right now seems to be AI’s moment.
Stability AI Newest Addition To Unicorn Stable
Illustration: Dom Guzman
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