On the first anniversary of Copy.ai’s launch at Twitter, the company, a GPT-3 program which is an ai copywriter that produces copywriting tools for companies, clients, has achieved another round of funding.
In this round of funding, the company brought in an $11 million Series A round, which is led by Wing Venture Capital, including participants from existing investors Craft Ventures and Sequoia, also new investors including Tiger Global plus Elad Gil. This makes a $2.9 million seed round announced in March plus takes the company’s entire funding to $13.9 million.
Copy.ai’s software requires $35 a month plus can, as an example, type a blog post outline based on some sentences plus make link descriptions for Facebook ads and even make a company motto.
A year since CEO Paul Yacoubian and Chris Lu co-founded the company, it was not yet successful, however, it took off from 0 to $2.4 million in annual recurring revenue. It further went from 3 employees to 13, Yacoubian said to TechCrunch.
Though it raised funding earlier this year, he and Lu knew the time was right to go after a Series A to grow the company plus hire even more engineers that present potential for new product features. One new feature is Editor, which allows people to organize ideas and save ideas, also edit notes straight in the app. Copy.ai is further making products for long-form content creation.
“AI is good at pattern-matching, and when you feed it more information about a business, it can assume the identity of the business, so we are also building a teams product so as the AI learns more, you can invite other business users to sign up, too,” Yacoubian added.
Copy.ai will be investing the new capital in hiring. The company is a completely remote team with its employees all across the country. Copy.ai now has over 300,000 marketers applying its tools, such as eBay, Nestlé, plus Ogilvy. Above 250,000 have signed up to a free trial since the seed round plus it has above than 5,000 premium customers.
Copy.ai is early in AI natural language creation, something Yacoubian told that the company is just scratching the surface of, so this will proceed to enhance the core app experience also the quality of that text which is generated.
The founders further hit it off with Wing Venture Capital partner Zach DeWitt, something Yacoubian told knows the company’s vision also how well artificial intelligence could benefit marketers.
“While looking at the creative capacity of AI, we hear a lot about automation taking away jobs, but not a lot of narrative to create value for yourself or your company,” Yacoubian added. “If AI progresses, it will be a source of empowerment and another tool that has uncapped potential. It is interesting in how it can unlock human capital, and in a smaller company that can’t afford full-time agencies, provide a quick, simple tool that solves their problem.”
DeWitt told that customers are completely going online since digital penetration rises, also businesses have to meet customers where they are, whether that could be newsletters, blogs, social media, or email.
While talking with small business customers of Copy.ai, he got a sense that the number of written content is overwhelming to some, and to allow marketers or founders to write a great piece of copy, using AI is the best method to do that.
DeWitt, himself, did use copy.ai to create his initial email to the company. He further writes a weekly blog also remains active on Twitter, therefore Copy.ai’s products have come in helpful since he thinks about blog post ideas plus content formats, he told.
He added that copy.ai is one of the fastest-growing that Wing had come across to a company this young. There are further leveraging social media to get their metrics public, which in turn produces loyalty also presents a way for them to learn in public as well, something that initially bought an interest in Wing to the company.
“This round was massively oversubscribed, so you can get a sense of the interest in the company, the quality of the team and their traction,” DeWitt added. “Chris and Paul had that luxury of being selective in the investors they chose to set them up for future success.”