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TechCheck

Glean Funding Round, Plus Oracle’s AI Boom 9/10/24

TechCheck

CNBC

Disruptors, Investing, Faang, Technology, Business, Management, Cnbc, Tech

4.856 Ratings

🗓️ 10 September 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

Funding for AI startups is still white hot. The search startup Glean just announced a new funding round that would double its valuation in just six months, raising $260 million at a $4.6 billion valuation. Plus, shares of Oracle are hitting all-time highs today after posting an earnings beat along with a slew of data center announcements and cloud computing partnerships. Keeping the edge though, could prove difficult for its chaiman Larry Ellison.

Transcript

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0:00.0

AI startup funding still white-hot the search startup glee announcing a new funding round that doubles its valuation

0:06.6

that's just in six months. Durjibosa spoke exclusively to the CEO and that is the subject of today's Tech Check D.

0:13.4

Hey good morning David so as companies and investors they're looking for returns on AI

0:18.9

investments to figure out if this is all worth the cost. Investors believe that Glean could be an

0:23.7

answer in an increasingly crowded market for enterprise generative AI. Its latest

0:28.6

round includes new investors like DST Global Soft Bank's Vision Fund 2

0:32.3

as well as previous ones like IVP, Light Speed, and Sequoia,

0:36.6

some of whom are here at Goldman Sachs Communicopia in San Francisco this week.

0:40.2

Now Glean's AI-powered search software, it sits inside of corporations, like a chatbot trained

0:46.2

on data across the organization leading to increased productivity.

0:50.2

I spoke exclusively to its founder and CEO Arvin Jane on the heels of his latest round and I asked him

0:56.4

when investors will actually see AI show up on balance sheets and quarterly earnings.

1:02.1

I would say that like in a lot of AI gains are going to be more towards like you know

1:07.2

it's going to help you know companies build better products faster products like

1:10.3

you know improve that you know top line and we should see this like next year like if you

1:14.4

don't see it next year then something is really wrong.

1:18.4

So next year look for it now other enterprise AI products though they have

1:22.2

underwhelmed customers like

1:23.6

Microsoft's co-pilot as our Steve Kovac has reported. Jane says that the glean

1:28.1

difference is that they have been at it for almost six years and their Gen- AI

1:32.1

native still well capitalized other

1:34.6

Gen AI native competitors they're raising money and building enterprise

...

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