Prezent, a startup that provides an AI-powered presentation builder to businesses, today announced that it has raised $30 million in funding led by Multiplier Capital, Greycroft, and Nomura Strategic Ventures, with participation from existing investors including Emergent Ventures, WestWave Capital, and Alumni Ventures.
The Los Altos, California startup is currently valued at $400 million and has raised more than $74 million to date. The new capital will be used primarily for acquisitions.
The company also made its first acquisition, acquiring Prezentium, founded by Deepti Juturu, a services-driven presentation company operating in the life sciences space. In an unusual arrangement, Prezent founder Rajat Mishra was one of the co-founders of Prezentium. Mishra said he has been serving as non-sales president of Prezentium since the inception of the new startup. Both startups already have an existing relationship, as Prezent uses Prezentium as its go-to-market partner. The acquisition essentially brings together Mishra’s two businesses under one roof, allowing Prezent to leverage Prezentium’s customer base to offer its unique AI suite to more customers.
There are many companies trying to develop AI-powered presentation creation tools, including Presentations.ai, Lica, Gamma, and Chronicle. What’s notable is that all of these companies sponsor Accel. Most of them are focused on consumers and small business users, but Prezent wants to stick to an enterprise strategy targeting large enterprises. The company has previously said it wants to expand its services into various sectors such as finance and manufacturing. But 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 that try to make presentations beautiful. We want to provide the best tools for business communication. I think presentation is one of the frontiers of business that hasn’t been 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 takes a specialized approach to training AI models for specific industry presentations.
Prezent equips companies with presentation engineers who are familiar with the industry and the startup’s own products, helping different people within the company become familiar with creating presentations using AI tools.
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“The reality of AI in enterprises is that while AI can do a lot of things, you can’t teach people how to use it. So we want to have presentation engineers in enterprises to help customers adopt products faster,” Mishra said.
AI startups are looking to acquire service companies to leverage their existing customer base and provide better customization to enterprise customers. Digital avatar startup D-ID acquired Berlin-based video startup Simpleshow, and Google-backed legal tech startup Lawhive acquired a UK-based law firm. With these acquisitions, AI startups want to combine their AI tools with the existing domain expertise and client service capabilities of service companies.
Prezent hopes to build more partnerships and acquire suitable companies in areas such as executive communication coaching, medical writing, and communication consulting firms.
Mark Terbeek, a partner at Greycroft who has invested in multiple rounds at Present, said the venture likes to find areas where companies have used expensive agencies to fill their needs in the past, and now there are AI tools available to try to accomplish the same tasks.
“We felt that Rajat and Prezent were passionate about solving customers’ specific needs in business communications. Additionally, we saw the software rapidly evolving to adapt to end-user workflows and save time,” he told TechCrunch over the phone.
In the future, Prezent hopes to add even greater personalization to its products, allowing its AI tools to learn the styles of each individual within an organization. We also want to add multimodality capabilities to deck creation, allowing users to use text, audio, or video as input to create presentations. Like Synthesia and D-ID, Present also wants to add digital avatars to presentations.
