Artificial intelligence (AI) startup Glean is reportedly in talks to raise $250 million in funding.
The Wall Street Journal reported on Thursday (August 8), citing anonymous sources, that the acquisition values the company at $4.5 billion, double the valuation it achieved in a separate fundraising six months ago.
Details of the deal have not been finalized and are subject to change, according to reports.
Green did not immediately respond to PYMNTS' request for comment.
The company's subscription revenue has reached $55 million on an annualized basis and, according to reports, could reach $100 million by the end of the year.
Glean's product, search software that helps employees find information across an organization, falls into the category of AI-powered productivity apps that investors believe will be more profitable than AI-powered consumer apps in the near term, according to the report.
In its last funding round in February, Green raised more than $200 million from investors including Citigroup, Capital One Ventures, Databricks and Sequoia, valuing the company at $2.2 billion.
“Our investors share our belief that Glean is the right solution built by the right team at the right time,” the company said in a blog post announcing the funding on Feb. 26.
In a blog post, Glean said the company's goal is to become the platform that businesses turn to when they need an AI work assistant, while also giving them the tools to “build custom generative AI experiences based on their enterprise knowledge.”
Integrating enterprise search capabilities with AI is both an incremental improvement and a game-changer, transforming how companies access, analyze and activate the data repositories they've accumulated, PYMNTS reported in March.
“The ability of generative AI models to be consistent and fluent in synthesizing material is an incremental improvement of their output,” Eddie Zhou, Green's head of AI, said in a PYMNTS interview published March 21. “Using these models as an interface to help companies decide how to perform a set of tasks is a capability that has not been seen in AI models before.”
Read more: AI, AI investing, artificial intelligence, B2B, B2B payments, funding, Glean, investing, news, PYMNTS News, Featured News
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