Citigroup just invested in an AI startup: find out more

on Feb 27, 2024
  • Citigroup participated in the latest investment round of Glean.
  • The AI startup raised $200 million in total at a valuation of $2.2 billion.
  • Others that invested in Glean include Workday and Databricks.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Citigroup Inc (NYSE: C) is in focus this morning after Glean said the financial services behemoth participated in its latest investment round.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Glean hits $2.2 billion valuation

Copy link to section

The artificial intelligence startup raised a total of $200 million in that round at a valuation of $2.2 billion. Arvind Purushotham – head of Citi Ventures said in a CNBC interview today:

When people are excited about potential of a technology, they’re willing to pay a higher valuation, because they’re excited about the market potential. They think the exit will be even larger.

Glean targeted only the tech space initially – but is now interested in extending its services to financial services as well. Other industries it’s exploring include manufacturing and retail.

The AI firm has a headcount of 337 – a number it expects will climb to 700 by the end of 2024.

Who else invested in Glean?

Copy link to section

Other notable names that invested in Glean in its latest investment round include Workday, Databricks and a bunch of venture firms like Sequoia and Kleiner Perkins.

The news arrives shortly after the artificial intelligence company based out of Palo Alto, California reported $39 million in annualised revenue – up close to 300% versus a year ago.

Still, Arvind Jain – the chief executive of Glean says his focus is not on increasing revenue but on bringing “more users on the platform” for now.

The AI startup has several well-known clients already including Confluent and Sony Electronics.


Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Citigroup USA AI Finance & Banking North America Stock Market Tech World