Ukrainian unicorn Grammarly invests in an American startup
Ukrainian unicorn Grammarly, which creates an AI-powered writing assistant, has invested in the American startup Docugami‘s seed funding round. This is Grammarly’s first investment in another company. Docugami is not disclosing its valuation.
- Startup Docugami was founded in 2018 by former Microsoft team member Jean Paoli. He is also one of the inventors of XML.
- Docugami is developing AI to end document dysfunction.
- The company creates tools that can understand different parts of a document and use them uniquely, depending on the type of company. Thus, new ways of speeding up the work, monitoring of reporting according to legal and regulatory requirements will appear.
“I’m glad to announce a new step in our journey: an investment in the Seattle-based company Docugami. We feel strong alignment with Docugami’s team and vision, and we took this step with much thought and deliberation. We’re excited to play a part in their future,” said Brad Hoover, Grammarly CEO.
The Grammarly account has already raised a total of $200 million in investments. In 2019, the company attracted $90 million with a $1 billion valuation and became a unicorn.