AI-Powered Work Assistant Glean Lands $150M at $7.2B Valuation – 9 Months After Last Raise

Enterprise AI startup Glean announced Tuesday that it has raised $150 million in Series F funding at a $7.2 billion valuation.

Wellington Management led the raise, which took place just nine months after Glean announced a $260 million Series E that doubled the company’s valuation to $4.6 billion.

Founded in 2019, Palo Alto, California-based Glean has developed AI-based search engine software that it claims enables “anyone — not just technical teams — to build and use powerful AI agents with natural language, in any department or function.” Glean says it helps enterprises “find knowledge faster, automate workflows, and drive real outcomes with AI.”

A slew of new investors participated in the startup’s latest financing, including Khosla Ventures, Bicycle Capital, Geodesic Capital and Archerman Capital. Existing backers pitched in as well — including Altimeter, General Catalyst, Sapphire Ventures and Sequoia Capital, among others. Since being founded, the company has raised nearly $770 million in funding, per Crunchbase data. It has over 800 employees.

Glean says it surpassed $100 million in annual recurring revenue in its last fiscal year — less than three years after launching its software. Its customers include Booking.com, Grammarly, Duolingo, Deutsche Telekom, Confluent and Databricks, among others.

Arvind Jain, Glean’s founder and CEO, said the company didn’t need to raise capital but that the new funding would give it “the flexibility to move faster and execute” on its long-term vision. As part of that, the company will use the new capital toward innovating its product, expanding its partner ecosystem, and on international growth.

Glean’s latest capital infusion underscores the extent to which AI has come to dominate venture funding. Over the past year, nearly half of U.S. venture funding went to AI-related enterprises, Crunchbase data shows. Later-stage had the largest share, with roughly 61% of venture deals related to AI.

AI funding takes off

Artificial intelligence-powered coding in particular has become a hit with investors as the use case seems to have taken off inside large enterprises as a way to save developers’ time. Just last week, Anysphere, which sells the popular AI coding assistant Cursor, confirmed that it raised a $900 million round at a staggering $9.9 billion valuation.

AI dominates globally as well. Per Crunchbase’s global funding report, AI was the leading sector for venture funding in the first quarter, with $59.6 billion invested. The first quarter marked the strongest quarter for AI funding ever, with a staggering 53% of global funding going to the AI sector alone.

Related Crunchbase queries:

• US AI Startup Investment By Stage, Past Year
• Rounds Raised By Startups Using AI
• Global Venture-Backed Artificial Intelligence M&A

Related reading:

• AI-Powered Work Assistant Glean Doubles Valuation To $4.6B In Less Than Seven Months
• AI Share Of Startup Funding Fluctuates Sharply By Stage
• AI-Powered Work Assistant Glean Grabs $200M At $2.2B Valuation
• Q1 Global Startup Funding Posts Strongest Quarter Since Q2 2022 With A Third Going To Massive OpenAI Deal
• AI-Powered Coding Tool Anysphere Raises $900M at $9.9B Valuation — Its Third Round In Less Than One Year

Illustration: Dom Guzman