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Make no mistake: there is a lot of hype and a lot of money at stake in generative AI land grabbing.
Today, a San Francisco-based startup Font announced that it has raised $100 million in new funding to help it expand its go-to-market efforts as the company develops generative AI content services for enterprises. The triple-digit fundraising is particularly noteworthy as the startup only sneaked out in February, alongside $65 million in funding.
Earlier this month Developed typeface it’s personalized Generative AI approach with a Google Cloud partnership. The company has also added partnerships with Microsoft and Salesforce in recent weeks, further expanding its reach.
Former Adobe CTO Abhay Parasnis leads the startup, which aims to equip big brands in various industries with generative AI capabilities. Typeface helps businesses create content at scale using AI-generated text and images, with machine learning (ML) training customized to an organization’s content. Recognizing the limitations of large generalized language models (LLMs) in addressing specific brand requirements, the company seeks to bridge the gap.
“From Typeface’s perspective, the funding news underscores the broader trend of generative AI to focus on enterprise customers,” Parasnis, founder and CEO of Typeface, told VentureBeat. “Companies are starting to really look at this (generative AI), not just as cool technology with a few demos, but rather thinking about how it’s going to actually materially change businesses and transform workflows.”
Generative AI for the enterprise is all about workflow
While still in its infancy for the AI generation, Parasnis said Typeface is already seeing significant growth in the number of customers signing commercial contracts and its revenue. The company plans to use its new funding to accelerate product innovation around generative, multi-modal pipelines and reimagine enterprise workflows in areas including marketing, HR and customer support.
“I think generative AI innovation is going to shift from platform innovation to workflow innovation,” Parasnis said.
So, instead of organizations viewing generative AI as a generic tool for generating content, Typeface’s goal is to help companies with specific workflows optimize their business processes. Parasnis said one of Typeface’s customers, for example, is using technology to completely redesign the way all communications with its employees take place. This includes workflows for generating LinkedIn job postings, employee communications, and even payroll reports.
“It’s not what you would have thought six months ago about what generative AI could transform, but it will transform many business workflows,” he said.
Understand the gen AI maturity model
While there’s no shortage of enthusiasm around generative AI, Parasnis pointed out that not all companies are jumping on the bandwagon.
Parasnis is no stranger to the world of enterprise computing and how technology is adopted. He noted that even with the transition to cloud computing, which has been going on for a decade, not all enterprise workloads have migrated to the cloud. In fact, many workloads continue to stay on-premises. He expects the transition to generative AI to follow a similar pattern, with different stages of adoption for different industries.
To help businesses understand how generative AI can be adopted, Typeface has developed its own gen AI maturity model. The idea behind the model is to take a consultative approach that helps enterprise IT leaders understand AI and, more specifically, how generative AI can change workflows.
“If you produce a certain amount of content today, using generative AI solutions like Typeface, the business can get a lot more content produced while preserving brand voice and personalization,” Parasnis said. . Describing what the company calls “the 10x content factory”, he explained that “we define very specific metrics for clients around investment in generative AI and how they measure it through the lens of more product content that is still on brand”.
Parasnis noted that for businesses, adopting generative AI isn’t just about technology. Rather, he emphasized that the adoption of new technologies is about process, culture and organizational changes that must be combined with technology.
“Sometimes sitting in Silicon Valley, we tend to think that these transitions are going to happen much faster than they actually do,” he said.
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