AUSTIN, Texas — Austin-based startup Jasper AI is utilizing artificial intelligence to create content for marketing, blogging, and many other purposes.
According to the Austin Business Journal, the company has been valued at $1.5 billion after raising $125 million in series A funding in under two years after its inception. Based on these metrics, the company is not only the newest “unicorn” in the city but also one of the fastest to reach this valuation.
The Austin Business Journal reported that the funding represents a huge infusion of venture capital at a time when VC funding is declining in Austin and across the country. Among the highest fundraising transactions for an Austin-based firm in 2022, the sum of $125 million is one of the most notable.
The three original founders of the business met while employed by a failed advertising agency. After the failure of their business in Austin, the three eventually settled on the name Jasper in January 2021.
According to the study, the new AI writing firm operates on a subscription basis; it was designed for content creation for websites like blogs and advertisements, but it has been put to use in other contexts as well. More than 70,000 people are currently paying $40 a month for access to the program.