San Francisco-based Grammarly, a popular grammar-checking software, has raised $110 million in venture capital funding.
The investment round was led by General Catalyst, a Silicon Valley venture firm. Other investors in the round include Breyer Capital, IVP, SignalFire and Spark Capital, according to a report from Bloomberg.
Grammarly is a grammar-checking software that uses artificial intelligence to improve people’s grammar. The software underlines poor-written words and phrases and makes suggestions. It fixes more than “250 types of errors, most of which Microsoft Word can’t find,” the startup said on its website.
In addition to just fixing spelling and syntax, Grammarly also “tailors the tone and word choice of personal or professional writing,” according to a report.
Nearly 7 million people use Grammarly every day. The service is accessible through a web browser extension for Google Chrome.
Grammarly was founded by Alex Shevchenko and Max Lytvyn in 2009. The company is led by Brad Hoover who is the chief executive officer. The company has headquarters in San Francisco.
Investors Bullish on Artificial Intelligence
The Bloomberg U.S. Startups Barometer, which tracks the health of the startup ecosystem in the United States, is up 6% from a year ago.
According to Bloomberg, venture capitalists are bullish on anything involving artificial intelligence. They love to invest in any artificial intelligence product, from computers learning to drive to an online app helping people find best apparels.