C - Citigroup just invested in an AI startup: find out more

2024-02-27 09:56:39 ET

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

Glean hits $2.2 billion valuation

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?

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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