- Chicago-based AI paraphrasing tool QuillBot announced it raised over $4 million in funding
QuillBot, a Chicago-based AI paraphrasing tool, announced it has raised over $4 million in funding. This round of seed funding was led by GSV Ventures and Sierra Ventures with participation from Service Provider Capital, according to ChicagoInno.
Launched in 2017 by 3 computer science students at the University of Illinois at Urbana Champaign, Quillbot will suggest corrections as you write sentences based on artificial intelligence. This service is especially helpful for people who speak English as a second language. Over 60% of QuillBot users are non-native English speakers.
“It’s a Photoshop for sentences,” said QuillBot co-founder and CEO Rohan Gupta via ChicagoInno. “The AI is working in conjunction with the human to do everything from sourcing content, and arranging that content and supporting arguments in a very cohesive way, ultimately helping with sentence construction and sentence refinement.”
QuillBot has a free version and there is a paid version for $15 month with additional features. The paid version includes support for a higher character limit, a higher number of sentences processed at once, no ads, and integration with Google Docs, Microsoft Word, and the Google Chrome browser. There are about 1.5 million monthly active users and 8,000 are paid subscribers.
This round of funding will be used for hiring more employees. QuillBot currently has 9 employees and the company is planning to have about 25-30 by the end of the year. Plus QuillBot will be building new features for summarizing text and auto-generating sentences with the funding.