Glean Secures $150M Series F Funding, Skyrocketing to $7.2B Valuation

Enterprise AI startup Glean lands a $7.2B valuation | TechCrunch

Enterprise AI company Glean announced on Tuesday that it has raised a $150 million Series F led by Wellington Management at a $7.2 billion valuation. This comes less than a year after its $260 million Series E, announced in September, at a $4.6 billion valuation, which was double the valuation from its February 2024 raise. Since early 2024, Glean has raised $610 million and grown its valuation from $2.2 billion to $7.2 billion. Glean says it surpassed $100 million in ARR in its last fiscal year, just three years after it launched. Glean offers tools that allow enterprise employees to search corporate documents via LLM-powered natural language, tapping into apps like Salesforce, Microsoft Teams, and Zendesk. It also offers AI agents products. Others in the Series F include Khosla Ventures, Bicycle Capital, Geodesic Capital, Archerman Capital, and existing investors Altimeter, Capital One Ventures, Citi, Coatue, DST Global, General Catalyst, ICONIQ, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners, Sapphire Ventures, and Sequoia Capital.

AI company Glean hits $7.2 billion in valuation in latest funding round

June 10 (Reuters) - U.S. enterprise AI search startup Glean said on Tuesday it had notched a $7.2 billion valuation in its latest funding round, led by asset manager Wellington Management. The company raised $150 million in a Series F funding round, which also included participation from new investors including Khosla Ventures. The latest investment will help Glean to enhance its product offerings and bolster international presence, the company said. Reporting by Ateev Bhandari and Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Technology

Glean, gen AI enterprise search startup, raises $150 million in deal adding billions to valuation

The company's core product is an AI-powered enterprise search platform that integrates with a wide array of workplace apps -- Google Workspace, Microsoft 365, Slack, and Salesforce. Glean uses natural language understanding and machine learning to create a personalized knowledge graph for each user, improving enterprise search results and the ability to generate content, while automating individual workflows and corporate processes. While initially focused on tech industry customers, Glean has expanded to finance, retail and manufacturing. Jain told Deirdre Bosa, anchor of CNBC's "TechCheck," that the capital will allow Glean to double the size of teams in R&D and sales as it pushes further into the large enterprise market, overseas markets, and into more partnerships similar to recent ones with companies including fellow Disruptor Databricks, Snowflake and Palo Alto Networks. Jain said for many large enterprises across sectors of the economy, the gen AI boom is as much about concern as it is about excitement. "Large enterprises are more worried about this. They don't want to be left behind," he told CNBC. "The most important thing that I hear from businesses is they are trying to make sure that their workforce becomes AI-first," he added. Wellington Management led the fundraising, with existing investors Capital One Ventures, Altimeter, Citi, Coatue, DST Global, General Catalyst, ICONIQ Growth, IVP, Kleiner Parkins, Latitude Capital, Lightspeed Venture Partners, Sapphire Ventures and Sequoia Capital, all participating in the deal. New investors included Khosla Ventures, Bicycle Capital, Geodesic and Archerman Capital. While consumer-facing gen AI is growing the fastest -- OpenAI says it is adding millions of users an hour, and on Monday reported annual recurring revenue above $10 billion -- Jain said the enterprise market has to be thought of in distinct terms. "You have to remember that models like ChatGPT, they don't know anything about your internal company's data," he said. "We're able to actually use that context and combine it with the power of models to solve real business problems for you." OpenAI does have its own enterprise business, which recently passed the three-million user mark. While Glean has seen exponential growth in recent years, it will continue to face challenges in a competitive market including Microsoft 365 Copilot, Amazon Q Business and ChatGPT Enterprise, along with offerings from fellow Disruptors Perplexity and Writer. Jain said in some cases its technology is not in competition with, but complementing the large language models being developed for the enterprise, such as fellow Disruptor Anthropic's Claude. But the competition is intensifying from all sides and overlapping. "Google, Microsoft, OpenAI, they all want to actually come into this space that we started," Jain said. "We have a lead. We have deep enterprise technology that we built over these years. ... We have to keep innovating. And the good thing for Glean is that we're not building a product that's going to get commoditized," he said. Currently based in Palo Alto, the company will soon be opening a new office in San Francisco to support its growth.

AI-Powered Work Assistant Glean Lands $150M at $7.2B Valuation - 9 Months After Last Raise

Wellington Management led the raise, which took place just nine months after Glean announced a $260 million Series E that doubled the company's valuation to $4.6 billion. Founded in 2019, Palo Alto, California-based Glean has developed AI-based search engine software that it claims enables "anyone -- not just technical teams -- to build and use powerful AI agents with natural language, in any department or function." Glean says it helps enterprises "find knowledge faster, automate workflows, and drive real outcomes with AI." Arvind Jain, Glean's founder and CEO, said the company didn't need to raise capital but that the new funding would give it "the flexibility to move faster and execute" on its long-term vision. As part of that, the company will use the new capital toward innovating its product, expanding its partner ecosystem, and on international growth. Glean's latest capital infusion underscores the extent to which AI has come to dominate venture funding. Over the past year, nearly half of U.S. venture funding went to AI-related enterprises, Crunchbase data shows. Later-stage had the largest share, with roughly 61% of venture deals related to AI. AI funding takes off Artificial intelligence-powered coding in particular has become a hit with investors as the use case seems to have taken off inside large enterprises as a way to save developers' time. Just last week, Anysphere, which sells the popular AI coding assistant Cursor, confirmed that it raised a $900 million round at a staggering $9.9 billion valuation. AI dominates globally as well. Per Crunchbase's global funding report, AI was the leading sector for venture funding in the first quarter, with $59.6 billion invested. The first quarter marked the strongest quarter for AI funding ever, with a staggering 53% of global funding going to the AI sector alone. Related Crunchbase queries: Related reading:

Glean Raises $150M in Series F Round, Hits $7.2B Valuation | AIM

Glean reported surpassing $100 million in annual recurring revenue since its previous round in September Enterprise AI platform Glean has raised $150 million in Series F funding, bringing its valuation to $7.2 billion. The round was led by Wellington Management and included new investors Khosla Ventures, Bicycle Capital, Geodesic Capital, and Archerman Capital. Existing investors such as Sequoia Capital, Lightspeed, ICONIQ, DST Global, Kleiner Perkins, and Capital One Ventures also participated. The company said the new capital will support product innovation, partner ecosystem growth, and international expansion. "This funding round wasn't driven by necessity, but by our ambition to accelerate into the next phase of growth," CEO Arvind Jain said in a blog post. Glean reported surpassing $100 million in annual recurring revenue since its previous round in September. Its Glean Work AI platform is now used by multiple Fortune 500 firms, and its Glean Agents platform is handling over 100 million agent actions annually. The company's first user conference, Glean:GO, attracted over 10,000 attendees in person and online. At the event, it announced new partnerships with Dell, Palo Alto Networks, Snowflake, and Workday. Glean is focused on solving the problem of fragmented enterprise knowledge spread across disconnected applications. "Enterprises have vast amounts of knowledge... but no reliable way to access it when making critical decisions," the company said. Security remains a central pillar, the company noted. "From day one, Glean's platform was designed so that every action is fully authenticated, respects underlying data permissions, and is governed by enterprise guardrails." It recently launched Glean Protect, aimed at proactive security for customer data, AI, and agents. The platform integrates with over 100 SaaS applications and data sources, using a knowledge graph to provide context around people, data, and processes. Customers retain full control of their information, and Glean offers open APIs to avoid lock-in. Matt Witheiler, Head of Late-Stage Growth at Wellington Management, said, "Glean's innovative approach and rapid growth are truly impressive, and we believe they are well positioned to be a leader in the future of enterprise AI." Glean has grown to more than 850 employees globally and is expanding to new regions. The company's clients include Booking.com and TIME, and it has received recognition from Fast Company, Gartner, and CNBC.

Glean nabs $150M in funding at $7.2B valuation - SiliconANGLE

Glean Technologies Inc., a developer of artificial intelligence productivity tools, today announced that it has raised $150 million in funding. Wellington Management led the Series F round. It was joined by Khosla Ventures, Bicycle Capital, Geodesic Capital, Archerman Capital and more than a dozen returning Glean backers. The investment values the company at $7.2 billion, up from $4.6 billion last September. "This funding round wasn't driven by necessity, but by our ambition to accelerate into the next phase of growth," Glean founder and Chief Executive Officer Arvind Jain wrote in a blog post. Glean launched in 2021 with a search engine geared towards the enterprise market. Glean Search, as the tool is called, allows workers to look for data across the web and their company's internal files. The software only retrieves data from files that the user has permission to access. Glean's second product is called Glean Assistant. It's an AI assistant that can only search for information but also automate several other business tasks. One Glean Assistant feature, Data Analysis, allows users to query business data using natural language prompts. A worker could, for example, ask the assistant to find the average value of the purchases made at a store in the past month. Data Analysis can query records in Snowflake, Salesforce and other popular cloud platforms. Another feature called Deep Research can prepare detailed reports about user-specified topics. When a worker asks a question, the tool generates a research plan that covers details such as what data sources it should review. The feature can then retrieve the necessary information, summarize it and add visualizations. Glean Assistant also includes a number of features focused on making it easier to use. Workers can embed the assistant in documents, which removes the need to open it in a new tab. A prompt library removes the need for users to create every request from scratch. Glean's third product became generally available last month. Glean Agents, which the company first detailed in February, makes it possible to create AI agents for tasks such as debugging software code. Customers can power their AI agents using popular third-party language models. On occasion of today's funding milestone, Glean detailed that its platform is on track to process 1 billion agent actions by year's end. The company also disclosed that its annual recurring revenue topped $100 million in 2024. Its customer base includes Databricks Inc., Pure Storage Inc. and other major tech firms. Glean will use the new capital to further grow its market presence. The company plans to expand its international customer base, ink more partnerships and accelerate product development initiatives.