Web platform, Instoried has raised $200 mn in funding round from global investment group GEM Global Yield.
Under this deal, GEM will provide a share subscription facility of up to $200 million at the option of the company for a period of 36 months following the public listing.
The startup will use the funds to expand operations globally and develop artificial intelligence (AI) based content creation tools.
The platform will also invest in its own technology to add a Google Chrome extension, a WordPress plug-in, and other elements to its product portfolio.
Los Angeles headquartered Instoried was founded in 2019 by Sharmin Ali, It is an AI-powered content enhancement platform aimed at writers and content creators. It enables users to optimize their written content to better engage with the target audience.
“We’re excited about the opportunity to expand our technology capabilities and reach more people where they live, directly in the applications where they create content,” said Sharmin Ali, Founder and CEO of Instoried.
Using over 30 million data points, the startup claims to leverage AI to ensure that its customers get clear and concise copies. It also offers a collaborative content creation tool that provides instant feedback in real time.
For the Indian market, the startup will focus on recruiting for leadership and technology roles, developing the technology stack to launch its own content creation tools, and investing in marketing in markets in Asia, including India.
In October 2021, Instoried has raised $8 million (about Rs 60 crore) in a funding round from Pritt Investment Partners and 9 Unicorns.