Citigroup just invested in an AI startup: find out more

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on Feb 27, 2024
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  • 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.

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

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Glean hits $2.2 billion valuation

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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?

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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.

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