Rapid advancements in artificial intelligence have led to an arms race, and venture capital firms are pouring billions into the industry, hoping to replicate the success of OpenAI’s ChatGPT. And San Francisco-based generative AI platform Typeface is one of the latest beneficiaries of the funding boom.

Typeface, which offers a generative AI creation platform targeted at enterprises, announced on Thursday the close of a $100 million Series B round led by Salesforce Ventures. Other backers include Lightspeed Venture Partners, Madrona, Google Ventures, Menlo Ventures, and Microsoft’s M12 venture fund.

With its latest raise, Typeface is valued at $1 billion. Typeface says the funds will go towards growth, innovation, and scaling its generative AI platform. In February, Lightspeed, Google Ventures, Menlo Ventures, and M12 also contributed to a $65 million Series A funding for the AI startup.

Generative AI is a type of program, typically presented as a chatbot, capable of generating text, images, or other media in response to prompts.

Typeface was founded in June 2022 by former Meta, Adobe, and Microsoft designers and managers. In February, Typeface launched its public-facing business application integrating OpenAI’s GPT-4, Stable Diffusion, Google Vertex AI, and Microsoft Azure AI.

“By combining the strengths of generative AI platforms with our brand-specialized knowledge, we have eliminated the barriers for enterprises to harness generative AI,” Abhay Parasnis, founder and CEO at Typeface, said in a
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Author: Jason Nelson

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