Two co-founders become billionaires fixing your English grammar and typos
PremiumStarted by three Ukrainians in 2009, Grammarly has more than 600 employees
American-headquartered writing assistant Grammarly has made billionaires of at least two of its founders, Max Lytvyn and Alex Shevchenko, who are worth at least $2.4 billion each, according to the Bloomberg Billionaires Index.
Started by three Ukrainians in 2009, Grammarly has more than 600 employees and works with more than half a million applications to analyze 14 trillion words a year for its 30 million daily active users across the globe.
In November 2021, Grammarly increased its valuation to $13 billion in a funding deal, placing it among the 10 most-valuable startups in the U.S.
The investment round raised more than $200 million from investors including Baillie Gifford & Co. and accounts managed by BlackRock Inc., Grammarly said. It puts the company at No. 10 on a ranking of U.S. startups by valuation compiled by research firm CB Insights.
In its previous funding round in 2019, it was valued at more than $1 billion. Grammarly said its services are currently used by roughly 30 million people every day.
"We saw our business accelerate with the move to remote work. In the past, people were left to their own devices to figure out how to communicate well. We're now at a very unique point in time to use software to enable people to communicate," Chief Executive Officer Brad Hoover told Bloomberg.
Grammarly uses machine learning to assist not only with basic writing, but also spell-check, grammar, tone of language and context.
Since it was launched, Grammarly has built numerous products, including Grammarly Business, which help large companies across different functions including sales and marketing. Some of its other services include a plagiarism detector.
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The startup also recently struck a partnership with Samsung Electronics, and under the deal, Grammarly's writing suggestions will be integrated with the South Korean company's smartphone keyboard. That will enable Samsung customers to use Grammarly's tools, without having to install an app.
Grammarly also has a desktop application for Microsoft Corp's Windows and Apple Inc's Mac operating systems.
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