US-based augmented writing software developer Textio received $20m on Wednesday in a series B round featuring media group Bloomberg’s corporate venturing unit, Bloomberg Beta.
Enterprise software-focused venture capital firm Scale Venture Partners led the round, which also featured fellow VC firms Cowboy Ventures and Emergence Capital, and seed-stage investment firm Upside Partnership.
Founded in 2014, Textio has built an augmented business writing platform capable of assessing documents to deduce how the language in them will be interpreted, and adding suggestions as they are being written.
The technology’s chief success so far has been in job postings, where Textio claims its platform can on average fill a role 20% faster when it is used to improve the language of listings.
Kieran Snyder, co-founder and chief executive of Textio, said: “Already our customers use Textio for more than just job listings. They are editing marketing content, sales pitches and much more.
“With this new infusion of capital, combined with the rapid growth in platform adoption that we are seeing, we will be able to train Textio’s predictive engine on all different forms of business writing.”
Bloomberg Beta, Cowboy Ventures and Upside Partnership provided $1.5m in seed capital for Textio in February 2015. They returned for an $8m series A round in December the same year which was led by Emergence Capital.