The Ukrainian IT company Grammarly that had developed the eponymous software for checking English grammar raised $200 million in investments and was estimated at more than $13 billion. Thanks to this, it officially joined the category of "decacorns" (companies with a capital of over $10 billion), TechCrunch reports.
Baillie Gifford, Gerenal Catalyst and a number of funds managed by BlackRock were investors in this round.
The funds raised will be used to continue investing in the company’s artificial intelligence technologies. The company also plans to continue improving its natural language processing and machine learning technologies to deliver personalized communication feedback to its users.
Context. Grammarly held the previous round of funding in October 2019. At that time the company raised $90 million and became a "unicorn".
Grammarly was founded by Maksym (Max) Lytvyn, Oleksiy (Alex) Shevchenko, and Dmytro Lider in 2009. It already employs more than 600 employees in three cities—Kyiv, New York, and San Francisco. The startup began to generate profit almost immediately after the launch. And it began to develop rapidly after the release of the free version of Grammarly, an English grammar checking service. With the latest round of funding, all three founders have become dollar billionaires.