Jasper, an AI-powered platform used to generate digital content, just raised $125 million during a funding round led by Insight Partners that valued the software-as-a-service (SaaS) firm at $1.5 billion.
Other investors that participated in Jasper’s Series A funding round include Coatue, Bessemer Venture Partners, IVP, Foundation Capital, HubSpot Ventures, and Founders Circle Capital, the company stated in the official press release.
Just two months ago, Jasper launched a new service called Jasper Art that allows users to generate images by using the company’s artificial intelligence.
“Every once in a while, a technological advance comes along that changes everything. […] Generative AI, or using AI for creative work, has been such a moment for me”, commented Dave Rogenmoser, Jasper’s co-founder.
Jasper uses a technology called GPT-3 that was created by OpenAI – the organization behind the popular AI-powered image engine Dall-E – to rapidly create written content for individuals and businesses seeking to increase the productivity of their digital marketing efforts.
The company currently offers three service packages whose costs vary depending on the number of words that the user would like to create. The Starter package, for example, can be used to create short-form copy and improve existing written content. The price of this subscription starts at $24 per month for 20,000 words.
Other more advanced packages allow users to provide certain directives to the system and give access to a more extensive library of AI templates. The service can create copy in 26 different languages at the moment and can be used by multiple users at a time.
Meanwhile, users can subscribe to Jasper Art for $20 per month to create images for their digital marketing campaigns.
SaaS Startups Keep Attracting VCs Despite Macroeconomic Headwinds
Statistics indicate that even though the amount of funding that has been routed to service-as-a-software (SaaS) startups has declined so far this year compared to 2021, the industry is far from experiencing a real downturn.
In this regard, data compiled by the Silicon Valley Bank show that startups in this space have received $48 billion thus far in 2022 while the amount could surge to $72 billion by the end of the year.
This is the second largest figure on record since the bank started to keep track of the industry’s evolution.
Meanwhile, some startups took advantage of the positive financing environment for tech businesses in 2021 to raise as much capital as possible to build a large cushion for the future. This allows companies like Jasper to keep thriving despite today’s challenging macroeconomic backdrop.
How Can AI-Powered Content Platforms Be Used?
With the rise of social media platforms, mobile games, and other similar digital innovations, advertising in the virtual realm has skyrocketed to the point of becoming the largest marketing channel.
Data from Statista indicates that Chief Marketing Officers within the United States have spent 15.8% more in digital adverts compared to a year ago while their budget for traditional ads jumped only 2.9%.
Meanwhile, data from eMarketer forecasts that companies around the world will spend a total of $645.8 billion in digital ads by 2024 with this figure accounting for almost 68% of the total amount spent by businesses in marketing initiatives during that period.
Services like Jasper help businesses in creating the content they need to launch their digital advertising campaigns including copy and images. This saves companies both time and resources as hiring different people to create this content can be costly.
The AI-powered platform created by Jasper does not necessarily eliminate the need for a digital marketing team but it does increase their productivity as an editor or a writer will just have to refine the AI-generated copy instead of having to write it from scratch.
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