AI startup Typeface valued at $1 billion after Salesforce-led fundraise

AI startups have emerged as a bright spot for investments this year amid a wider slowdown in funding caused by rising interest rates and high inflation.

Typeface, a generative AI platform for enterprise content creation, said on Thursday that it was valued at $1 billion after an oversubscribed Series B funding round led by Salesforce's global investment arm, bringing the total capital raised to $165 million.

The $100 million round also saw participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12, Microsoft's Venture Fund, the company said.

Typeface, which provides a wide range of workflows across departments, including marketing, sales, product, and human resources, had signed strategic partnerships with Salesforce and Google this month to create highly customized content within their existing workflows.

In February, Lightspeed Venture Partners, GV, Menlo Ventures, and M12 invested $65 million when Typeface emerged from stealth and launched publicly.

AI startups have emerged as a bright spot for investments this year amid a wider slowdown in funding caused by rising interest rates and high inflation.