PresenterA startup that provides AI-powered presentation builders to enterprises today said it has raised $30 million in funding led by Multiplier Capital, Greycroft and Nomura Strategic Ventures with participation from existing investors such as Emergent Ventures, West Wave Capital and Alumni Ventures.
The Los Altos, California, startup, now valued at $400 million, has raised more than $74 million to date. It plans to use the new capital for large-scale acquisitions.
The company has also made its first acquisition, purchasing Presentium, a service-based presentation company that operates in the life sciences sector. In an unusual arrangement, Present founder Rahul Mishra was one of the co-founders of Presentium. Mishra said he has been the non-operating president of Presentium since the inception of his new startup. There is already an existing relationship between the two startups, as Present uses Presentium as its go-to-market partner. The acquisition essentially brings Mishra’s two enterprises under one roof, allowing Presentium to use Presentium’s customer base to offer its own AI suite to more customers.
There are a number of companies trying to create AI-powered presentation-building tools, including Presentation.AI, Laika, Gamma, and others. ChronicleNotably, all these companies have Excel as their backer. While most of them focus on consumers and small business users, Present wants to stick to an enterprise strategy, targeting larger corporations. Previously, the company had said it was looking to expand its offerings across various sectors, including finance and manufacturing. However, Mishra said the company wants to focus on serving customers in the life sciences and technology industries for now.
“There are a lot of tools out there trying to make presentations beautiful. We want to provide the best tools for business communication. I think Presentation is leading the way in businesses that aren’t automated yet. We want to help data scientists and designers communicate effectively with this automation,” Mishra told TechCrunch.
Mishra, who previously worked at McKinsey, said the company is taking a specialized approach to training AI models for presentations for each specific industry.
Present places a presentation engineer, who is familiar with the industry and the startup’s own offerings, into enterprises to help various people within the company create presentations with AI tools.
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“The reality of AI in the enterprise is that AI can do many things, but it can’t teach people how to use AI. That’s why we want to put presentation engineers in companies to help our customers adopt the product faster,” Mishra said.
AI startups are looking to acquire service companies to leverage existing customer bases and provide better customization to enterprise customers. Digital avatar startup D-ID acquires Berlin-based video startup Simpleshow and Google-backed legal tech startup LawHive acquires a UK-based law firmWith these acquisitions, AI startups look to combine their AI tools with the service firms’ existing domain expertise and customer service capabilities.
Present is looking to form more partnerships and acquire suitable companies in areas such as executive communications coaching, medical writing and consulting firms in the communications sector.
Greycroft partner Mark Terbeek, who has invested in multiple rounds in Present, said the venture firm likes to find areas where businesses have used expensive agencies to meet a need in the past, and now there are AI tools available that are trying to do the same tasks.
“We realized that Silver and Present were working hard on solving specific customer needs of business communications. At the same time, we saw the software evolving quickly to accommodate end users’ workflows and help them save time,” he told TechCrunch on a call.
Going forward, Present wants to add better personalization to its product so that AI tools can learn the style of each person in the organization. It also seeks to add multimodality capabilities to deck creations, allowing users to use text, voice or video as input to create presentations. Like Cythesia and D-ID, Present also seeks to add digital avatars to presentations.
