Austin-Based Jasper Raises $125M, Becomes Tech Unicorn
Jasper is making writer’s block a thing of the past for creatives, advertisers and anyone looking to find the right words to express themselves, and it is using artificial intelligence (AI) to do so. The company, founded less than a year ago, wants to enable more people to use its tech and recently raised new capital to invest in its products.
Jasper’s platform helps creatives of all types convey the right tone or write a company profile using its AI tool that can generate text based on short prompts. According to its website, the auto text generating tool can help users write company bios, product descriptions, SEO titles and metatext, photo captions and much more. The company also recently added a text-to-image feature that also uses AI to generate original artwork.
On Tuesday, the Austin-based company announced that it closed a $125 million Series A round at a $1.5 billion valuation, securing tech unicorn status. The round was led by Insight Partners.
“Generative AI represents a major breakthrough in creative potential, but it’s still inaccessible and intimidating to many,” Dave Rogenmoser, CEO of Jasper, said in a statement. “Jasper is working to bring AI to the masses and teach people how to leverage it responsibly so that businesses and individuals can better convey their ideas. We’re grateful to our investors for believing in that potential as firmly as we do.”
As Jasper’s AI products and the company have matured it has become easier for more people to use its tools. Recently the company launched a Google Chrome extension that makes it even easier to generate text on most websites that feature a textbox. As a testament to its ease of use, Jasper now has over 70,000 paying subscribers, according to the company, that range from enterprise teams to individuals.
With the new capital, Jasper plans to continue developing its products to improve the overall customer experience. The newly minted company is also actively hiring across its marketing, sales, engineering and finance teams.