According to the Bloomberg Billionaires Index, at least two of Grammarly’s founders, Max Lytvyn and Alex Shevchenko, are billionaires, each worth at least $2.4 billion.
Grammarly, which was founded by three Ukrainians in 2009, now employs over 600 people and works with over half a million apps to analyze 14 trillion words every year for its 30 million daily active users across the world.
Grammarly upped its valuation to $13 billion in November 2021 as part of a fundraising round, putting it among the top ten most valuable startups in the United States.
According to Grammarly, the financing round raised more than $200 million from investors such as Baillie Gifford & Co. and accounts managed by BlackRock Inc. It places the company at No. 10 on CB Insights’ list of the most valuable startups in the United States.
It was valued at more than $1 billion in its previous investment round in 2019. Every day, about 30 million people use Grammarly’s services, according to the company.
“With the switch to remote employment, we experienced an increase in our business. People used to be left to their own devices when it came to figuring out how to communicate effectively. We’ve arrived at a once-in-a-lifetime opportunity to leverage software to enable people to communicate, “Brad Hoover, the company’s CEO, told Bloomberg.
Grammarly uses machine learning to help with not only fundamental writing but also spell-checking, grammar, linguistic tone, and context.
Since its inception, Grammarly has developed several solutions, including Grammarly Business, that assist major businesses with a variety of responsibilities, including sales and marketing. A plagiarism detector is one of the company’s other services.
Grammarly has recently announced a relationship with Samsung Electronics, under which the company’s writing suggestions will be integrated with Samsung’s smartphone keyboard. Customers of Samsung will be able to access Grammarly’s features without needing to download an app.
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