Update

Bringing Generative AI to the Enterprise: Our Investment in Writer

Announcing ICONIQ Growth’s investment in Writer, a full-stack generative AI platform that makes it easier for enterprises to build generative AI applications

Writer co-founders May Habib and Waseem Alshikh

Bringing Generative AI to the Enterprise: Our Investment in Writer

Announcing ICONIQ Growth’s investment in Writer, a full-stack generative AI platform that makes it easier for enterprises to build generative AI applications

Writer co-founders May Habib and Waseem Alshikh

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https://www.iconiqcapital.com/growth/insights/bringing-generative-ai-to-the-enterprise-iconiq-growth-invests-in-writer

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Your English teacher tried to warn you: Whether you love writing and have a “writerly” job — white paper author, marketing creative, public relations executive, etc. — or you do other office work in, say, human resources, customer service, or product design, you likely will spend a fair amount of your day consuming or putting together words. Even if you are not a writer, there are sales pitches to draft, meetings to summarize, and product roadmaps to explain. There is simply no way to get around writing.

Thankfully, two entrepreneurs felt dispirited by the time-consuming writing inherent in corporate work and decided to do something about it. Leveraging their prior experience in building enterprise software for localization—as well as recent advances in natural language processing, machine learning, and generative artificial intelligence—CEO May Habib and CTO Waseem Alshikh banded together to found Writer in 2020. 

Writer has achieved significant success since launching in 2020, attracting over 150 enterprise customers, including Vanguard, Accenture, Intuit, L’Oreal, Spotify, and Uber. We are proud to announce that we are leading Writer’s $100 million Series B round, along with participation from WndrCo, Balderton Capital, and existing investors Insight Partners, Gradient Ventures, and Aspect Ventures. The financing also includes participation from several Writer customers, which we believe is a testament to Writer’s leadership in the generative AI space. 

“‘Writing is the last unstructured business process’ was the first slide of our seed deck,” said May Habib, “and since then, the whole world has seen what’s possible when we can automate writing — we are able to augment human creativity and productivity.”  

Writer brings together three essential technologies that are essential for getting the high-quality answers and generations that enterprise customers need: a large language model (Writer’s own proprietary family of models), a knowledge graph for sophisticated retrieval-augmented generations (RAG), and AI guardrails that could help them have confidence that their generations were accurate, compliant, and on-brand. 

From marketing to the whole organization

The Writer platform has expanded from its roots in the marketing function to include use cases for support, sales, operations, HR, and finance teams. Numerous Writer customers are using Writer across three or more functional areas, and an increasing number of Writer enterprise customers now use Writer as their main platform for building internal generative AI use cases. 

When we spoke with Writer’s customers many told us about the numerous ways Writer had positively impacted their teams, collectively reporting an average productivity gain of 53%.

The Writer LLM capabilities have grown beyond text, and many of Writer’s customers use the Recaps feature to analyze, summarize, and organize video and audio content at scale. Users are also using the Knowledge Graph functionality to get around the thorniest retrieval-augmented generation (RAG) problems, to help parse information from a company’s own documents, and build digital assistants and chatbots that are highly accurate.

Enterprise-grade data security and control

While generative AI makes headlines, many enterprise leaders have told us that their adoption of AI is slower than they would like because they have struggled to find AI solutions that can handle complex enterprise work processes and meet their security needs. This reticence has led some to pump the brakes: multiple corporations reportedly have restricted employees from using public generative AI tools to protect their proprietary customer data.

With that in mind, Writer’s team prioritized security and enterprise readiness from the beginning by creating their own family of large language models, named Palmyra.

“It was important for us to invest in building our own LLM so that our models could be self-hosted by the customer and would be open, transparent, and auditable, rather than take a ‘black box’ approach,” says CEO May Habib. 

Palmyra has achieved top benchmark scores from Stanford’s Holistic Evaluation of Language Models (HELM), outperforming models by OpenAI, Cohere, Anthropic, Microsoft, and others.

Enabling AI adoption through trustworthy AI guardrails

Writer also provides customers with a flexible user interface that gives each department their own templates designed to work within that team’s existing workflows and applications. This is particularly valuable for recurring content workflows, such as a daily email, weekly newsletter, or seasonal product description updates on the website. For example, in healthcare settings, Writer users can automate repetitive tasks, such as the creation of referral letters, including the patient’s relevant health history, or the drafting of an email explaining how to submit a claim. 

Writer ensures that what comes out of the LLM complies with AI guardrails - for accuracy, compliance, and brand. Writer’s platform incorporates a customer’s brand guidelines, style guides, templates, previously published material, and business data from other applications. The result is a fully configurable system that can generate custom content for each customer in their own voice. This can include speech variations such as level of inclusiveness, sentence complexity, formality, and more.

We believe that Writer is at the forefront of one of the most important technological transformations we’ve seen in generations. 

The years of experience May, Waseem, and the Writer team bring in NLP, machine learning, AI, and content generation coupled with their deep product and customer obsession have manifested in what Writer is today — and it’s only the beginning. The sentiment we’ve heard from Writer customers underscores the profound impact Writer is creating within enterprises today, and we believe there is so much more to come as customers actively lean into new use cases, mission-critical workflows, and bring Writer to new teams. 

We are enthusiastic supporters of Writer and look forward to a future in which the hardest and most tedious aspects of writing at work have been made easier. 

Thank you, Writer, and welcome! We’re excited to partner on your vision to transform work with generative AI. 

Notes

The views expressed in this presentation are those of ICONIQ Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. This presentation is for educational purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities which will only be made pursuant to definitive offering documents and subscription agreements, including, without limitation, any investment fund or investment product referenced herein. Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is prohibited. This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ. Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information. All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you. ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Disclaimer:

Unless otherwise indicated, the views expressed in this presentation are those of ICONIQ Growth (“ICONIQ" or the “Firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. Information used in this presentation was obtained from numerous sources. Certain of these companies are portfolio companies of ICONIQ Growth. ICONIQ Growth does not make any representations or warranties as to the accuracy of the information obtained from these sources. 

This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services.  Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein. 

Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized.

This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ.

Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information.

All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. Numbers or amounts herein may increase or decrease as a result of currency fluctuations.

Disclaimer

The views expressed in this presentation are those of ICONIQ Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision.  This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.  Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized. This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ. Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information. All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you. ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation. Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

Copyright © 2024 ICONIQ Capital, LLC. All rights reserved.

Disclaimer

The views expressed in this presentation are those of ICONIQ Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision.  This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.  Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized. This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ. Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information. All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you. ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation. Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

Copyright © 2024 ICONIQ Capital, LLC. All rights reserved.

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