Grammarly has announced its investment in Docugami, a company “developing AI to end document dysfunction.”
The investment is the first in Grammarly’s 11-year history and was part of Docugami’s $10 million seed funding. The two companies share complimentary goals as Grammarly has increasingly turned to artificial intelligence (AI) to power its writing assistant.
“Led by an experienced team of proven technology leaders and advisers, Docugami uses an array of AI techniques to help businesses of all sizes create critical business documents with greater precision and efficiency so they can derive greater productivity, compliance, and insight from their documents and business processes,” writes Grammarly CEO Brad Hoover. “Docugami’s technology understands the unique structure of documents and integrates with existing business processes.
“This is Grammarly’s first investment in another company. 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!”
The news is another example of the transformative effect of AI on a wide range of industries. Grammarly and Docugami’s businesses obviously complement each other, and the future should hold exciting developments as the companies continue to work together.