Indian woman-led deep tech startup Instoried raises $200 mn
By Team Startupcity | Thursday, 07 April 2022, 12:06 Hrs
Deep tech platform Instoried on Thursday said it has secured $200 mn commitment from global investment group GEM Global Yield, and will use the funds to expand operations globally and develop artificial intelligence (AI)-based content generation tools.
Led by a woman founder, Sharmin Ali, Instoried uses AI to help people write original and more lively content, make messaging crisper, improve headline impact, improve empathy and tone.
Utilising 30 million data points, the platform's proprietary algorithm powers a top-notch collaborative content creation tool that provides instant feedback in real-time.
"Instoried helps people convey the proper tonality in everything they write from email to blogs, from marketing copy and advertising to long-form articles," said Sharmin Ali, also the CEO of Instoried.
The platform will further invest in its technology to add a Google Chrome extension, a WordPress plug-in and other elements to its product portfolio.
Under the agreement, GEM will provide a share subscription facility of up to $200 million, to be drawn at the option of the company, for a 36-month term following a public listing.
Instoried aims to go public via SPAC (special purpose acquisition company) or the traditional IPO route.
Additionally, the platform has plans to grow its executive team and presence globally.
For the India market, Instoried will focus on hiring for leadership and technology roles, develop the tech stack to launch their own content generation tool and invest in marketing in India and Asia markets.
GEM is a $3.4 billion, alternative investment group with offices in Paris, New York and the Bahamas.