Copy.ai raises $ 11 million to accelerate AI and help you grow your business
When artificial intelligence (AI) is discussed in popular media, one of the common topics is how technology will make humans obsolete through automation. While software has replaced the human element in a few jobs, it has yet to completely eat up the world. What is more likely is that AI increases a human’s productive output, rather than replacing it altogether. Chris Lu and Paul Yacoubian usher in this era of AI and human collaboration to help them build future businesses with Copy.ai. Copy.ai relies on AI to generate high-quality advertising and marketing copy, saving people time and effort. The remote team raised $ 11 million in its Series A round led by Wing Venture Capital, with participation from Craft Ventures, Sequoia Capital, Tiger Global and Elad Gil.
Producing ad copy is a fluid process that requires many revisions. Usually, people from different teams and departments in an organization give their opinion and advice on the final marketing product. For the marketer, the ideation stage is crucial to producing something of high quality and will also go through a rigorous multi-party review process. It usually takes several weeks to produce an acceptable copy that can be deployed as an ad. Marketers tend to focus on color and language as the primary parameters for producing ad copy. However, several other design dimensions can be adjusted to produce work capable of capturing the attention of consumers in our ad-saturated society.
The global advertising market is worth hundreds of billions of dollars. In the United States alone, advertising and marketing is a $ 230 billion industry. Diving deeper into this market, the main customer groups in need of improved marketing authoring software are social media managers, copywriters, and small marketing teams. These three key groups individually spend tens or even hundreds of millions of dollars on software to support their work. Fortunately, new solutions are leveraging artificial intelligence applications, especially natural language processing, to help marketers in their work.
Copy.ai leverages OpenAI’s popular GPT-3 algorithm to produce AI-assisted marketing copy. The GPT-3 model contains 175 billion separate parameters. This giant model trains over billions of words and phrases to produce realistic prose that can be adapted for ad copy. Copy.ai users can type in relevant ideas or phrases about the language they want for their ad copy, and the startup’s algorithm will produce several potential choices for users to select. The promise of Copy.ai is that AI-powered suggestions can reduce the ideation phase by over 80%, allowing a human marketer to then rely on their creativity and constraints to complete the 20 % remaining until the end. A common misconception of AI is that it will replace the creativity of human labor, but that couldn’t be further from the truth. There are few activities where AI outright outperforms humans, but these tasks are rather low value. More subjective tasks such as creating advertising copy are too complex for an AI to do âobjectivelyâ better work than humans. The task of the two Copy.ai co-founders is to create a superior product in a crowded marketplace and let their future customers know that AI is here to help them, not to replace them.
Chris Lu and Paul Yacoubian are a great and flexible team to lead Copy.ai. CTO Lu studied computer science at Washington University in St. Louis and worked at the ESO Fund as an investor before starting Copy.ai with Yacoubian. CEO Yacoubian graduated in Economics, Business Administration and Accounting from Rhodes College and worked at the ESO Fund, where he met Lu before creating Copy.ai with him. The complementary technical and business skills of the two have taken them far, but their ability to convince the world that Copy.ai is here to increase human creativity instead of replacing it will usher in a revolution in our relationship with our algorithmic companions. Copy.ai will usher in a new era of enterprise built and scaled with the help of AI.