GPT-3 Tech Startup Copysmith Secures $10 Million in Funding
Shegun Otulana Steps into CEO Role for Digital Artificial Intelligence Service
BIRMINGHAM, Ala. — Copysmith, a startup that uses artificial intelligence (AI) for creative content generation, today announced a $10 million investment through a partnership with Harmony Ventures Labs (HVL) and funds advised by PSG. The funding is intended to help Copysmith accelerate growth through additional hiring for engineering and design talent and added investment in developing innovative client solutions for the users of the platform. Copysmith also announced that Shegun Otulana, a start-up veteran, will assume the role of CEO for the growing tech company.
“In partnership with PSG and HVL, we believe Copysmith is poised for dramatic growth and we are pleased to welcome Shegun onboard as our new CEO,” said 2020 Thiel Fellow Jasmine Wang, co-founder of Copysmith and an AI academic and researcher with a background in natural language processing. “In our view, our platform has always been about the collaboration between incredible technology and incredible humans. In that spirit, we are thrilled to welcome more incredible humans to the team, who we believe bring the expertise, experience and insight needed for Copysmith’s continued growth.”
GPT-3 is a text-generation AI model released by OpenAI. Founded in October 2020 by sisters Jasmine and Anna Wang, Copysmith’s technology picks up context and understands the complexities of context in language. Copysmith helps remove the frustration of content generation by using GPT-3 and in-house proprietary language models to create engaging digital ads, product descriptions and SEO metatags more quickly and easily for users. It can integrate with Google Ads, Shopify and other platforms in an easy-to-use, trusted format.
Before joining Copysmith, Otulana, a startup veteran, founded both TheraNest and Therapy Brands, software startups designed for the mental healthcare industry.
“In our view, content is marketing, and marketing drives growth, whether that is an in-person interaction, an email or a product description,” said Otulana. “We believe our platform allows anyone to focus on big, creative and strategic choices for their business and quickly scale contextual messaging that delivers results. I don’t think that any other GPT-3 company has the experience and expertise we have as a team, and I am pleased to be a part of a team seeking to invent the future of marketing and a part of, what I view to be, a new AI industrial revolution.”
Jasmine Wang will stay on as an advisor, while Anna Wang will continue to serve as chief technology officer to deliver insight and drive the vision of the product.
“Jasmine and Anna created a sophisticated and highly scalable platform, and we are excited to partner with and help grow the team as they continue to innovate Copysmith’s capabilities to address the vast opportunity for content marketing solutions across industries,” John Marquis, managing director at PSG, added. “PSG has had the pleasure of working with Shegun when he founded Therapy Brands. We’re confident Copysmith is in great hands under his leadership given his proven ability to commercialize and scale software businesses.”
Founded in 2020, Copysmith uses AI for creative content generation. Copysmith drives business growth by helping creators and businesses generate powerful copy and make it easily distributable wherever it is needed. For more information, visit https://copysmith.ai/.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 300 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.