Enterprise Generative AI Startup Typeface Raises $65M for Synthetic Media Creation
Generative AI startup Typeface has come out of stealth with $65 million in funding from Google Ventures, Microsoft’s M12 Venture Fund), Lightspeed Venture Partners, and Menlo Ventures. Typeface offers synthetic media tools for creating text and images to businesses in need of advertising, marketing, and other content.
Typeface’s generative AI platform is designed to produce and augment a company’s content. Businesses can create and upload any images, style guides, message statements, and other information to their own Knowledge Graph for Typeface’s Affinity AI to process. That database serves as a foundation for the AI to respond to generative text and image prompts. The AI can produce custom articles, social media posts, website content, and even job listings that match the brand. Users just need to type a request for what they want. For instance, asking the AI to write an exciting blog post about a product would provide text to match any tone, length, or other stipulation, with images to suit the mood and that match with the text, as in the Instagram post at the top of the page.
“By adding brand affinity to generative AI, Typeface allows enterprises to harness their collective creative power for unique expression of their stories and imagination,” Typeface CEO and former Adobe CTO Abhay Parasnis said. “Now, any company can transform content into a value multiplier, connecting every department and empowering employees to achieve their creative and storytelling goals.”
Typeface bragged that the AI helped co-write its press release and “was responsible for generating entire sentences and paragraphs of text, augmenting the human capability to create a more enjoyable, elevated collaboration process.” The platform offers templates to fit different goals and styles, depending on the brand and the marketing content. For instance, one blog post might have a friendly tone and vocabulary suitable for a younger audience, while another is more formal and uses more sophisticated language.
Companies are adopting generative AI tools for marketing and advertising projects at an accelerating rate, with new options appearing at a similar pace. Advertising campaigns utilizing text-to-image tools in some capacity have been used by agencies to sell products from major brands like Nestlé and Heinz, and Coca-Cola has just reached an agreement with OpenAI to put together a campaign combining ChatGPT text and DALL-E 2 images. ChatGPT and Stability AI’s Midjourney synthetic image creator gave a two-person agency enough help to put together a TV commercial for a family tree platform, including plenty of fictional biographies and portraits.
Typeface has competition with features that rival some or all of its capabilities even beyond OpenAI’s headline-grabbing software. For instance, Jasper’s new API and enterprise tools include AI-powered writing help, as does the new Notion AI productivity assistant. Meanwhile, graphic design platform Canva uses GPT-3 for its Canva Docs AI writing assistant Magic Write. Enterprise generative text for marketing and other needs has attracted a lot of investment money for startups like Regie, ParagraphAI, Compose.ai, and Copy.ai. Scoring both Google and Microsoft, not to mention big-name VC firms like Lightspeed and Menlo, is a remarkable feat for Typespace, with the tech giants gearing up for a long-term battle over generative AI’s market share.
“Typeface is at the forefront of a monumental shift in how businesses will create and collaborate,” said Ravi Mhatre, Partner at Lightspeed. “With a world-class team and category-defining vision, Typeface is the first company to address the significant need for a comprehensive platform that radically personalizes generative AI for the enterprise. By democratizing access to this technology, companies can supercharge iterative creation and meaningfully engage with customers unlike ever before.”