Using OpenAI, Stable Diffusion, and computer vision models, Abhay Parasnis, a former chief technology officer at Adobe, hopes to assist businesses in producing customized content.
His June 2022-founded company Typeface has now received $65 million in Series A funding to continue developing its generative AI platform for marketing and communication content, such as blog posts, Instagram posts, websites, and job postings on LinkedIn.
According to Parasnis, finding the proper employees can be difficult because the skills required for marketing can take years to develop.
“In my culture, it takes ten years to really master Photoshop before you can use it to create amazing content,”
Enter Typeface, a start-up that enables businesses to submit their pre-existing content, including web pages, blogs, Instagram posts, brand logos, and other visual assets. The model used by Typeface, which is based on OpenAI’s GPT-3.5 and a modified version of Stable Diffusion 2.0, was trained using this customized data collection in conjunction with open data. The platform is built to learn from the data specific to each business and produce text and image content that is tailored to each brand’s audience and brand voice.
Menlo Ventures, Lightspeed Venture Partners, GV (formerly Google Ventures), and M12 (formerly Microsoft Ventures) are among the investors in the funding round, which Typeface revealed on Monday.
The presence of two AI heavyweights is telling: “Microsoft and Google are the two names that are … in the big AI fight, if you will, and Typeface is the one company where they both feel like it’s actually a unique enough perspective on enterprise that they both wanted to be part of the round,” Parasnis says.
He claims that the caliber of the startup’s team, which includes engineers who worked on the AI-powered coding assistant GitHub CoPilot, Microsoft Azure, and Adobe, is a big reason VCs were eager to invest before Typeface was seeking to raise money. The number of workers at Typeface, which has applied for patents for its products, was not made public.
According to Parasnis Typeface, Sequoia Benefits Group, one of the company’s first clients, uses the platform to generate thousands of job descriptions and five distinct iterations of its website, each geared toward a different audience. The company chose not to reveal how many clients it has.
While Typeface lets a company input details and context so the model can generate more specific and accurate content, there are limits to what it can do. For example, Typeface does not create video content yet, even though more than 80% of businesses use video for marketing, according to a study. Typeface plans to launch generative AI for video and animation creation in the future. Although in its nascent stages of development, a few players such as Movio, Meta and Stable Diffusion have launched generative AI tools for video creation.
While serving as the CTO of Adobe for eight years and while holding top leadership positions at Oracle and Microsoft, Parasnis witnessed how eagerly businesses adopted advances in cloud computing and office productivity tools. He claims that now is the perfect moment for businesses to integrate generative AI into their content workflows after DALL-E 2 and ChatGPT went viral last year.
The market for AI in marketing content has historically been crowded, and Typeface will compete against more seasoned rivals like Jasper and Anyword. Despite the rivalry, according to Typeface investor Crystal Huang from GV, there is “room for multiple billion-dollar companies” in the market.
More startups using these tools for enterprise applications have debuted as generative AI gains popularity. At least 30 startups have appeared in the market recently, according to Sarah Guo, an early stage venture capitalist and the founder of the investment company Conviction. However, she claims that the real differentiators won’t simply “glue generative AI onto an existing product thoughtlessly.”
Guo thinks that the businesses with the best chances of success will reconsider the final product. She claims that will occur when general public data-trained basic models, like OpenAI’s GPT 3.5 and Stable Diffusion’s, are modified or layered with more targeted datasets based on the industry being targeted.
Guo claims that “it’s not just going to be a blank text box with a different API behind it.”
Parasnis wants to reinvent the complete content lifecycle for businesses at Typeface. According to Parasnis, “We are not just doing a simple wrapper around low level APIs.”
The security of a company’s data and brand reputation is one of its most fundamental worries. Businesses want to be certain that they are not unintentionally producing inaccurate, offensive, or plagiarized content that harms their image. According to Parasnis, the fact that OpenAI and Stable Diffusion are open-ended and have the potential to produce offensive outputs is one of the primary reasons why brands are reluctant to use them directly.
The typeface was created using datasets from Stable Diffusion and OpenAI, which may have violated property laws. Getty Images filed a lawsuit against Stability AI in February alleging copyright violation. Customers may be reluctant to embrace the technology as long as questions regarding legal liability are unresolved. In response to the lawsuit, Stability AI said: “Please know that we take these issues seriously. As we examine the documents, we will react appropriately.
“A bigger brand wishes to control what is displayed there. The business is safe? Does it appear sufficiently high-resolution? Does it feature our brand’s hues and sentiment? Is it compatible with ongoing campaigns? They cannot allow it to run amok, asserts Huang from GV.
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